Straight-shooter Bakke lined up as new Petronas boss
(The Malaysian Insider) KUALA LUMPUR, June 25 — Felda Holdings group managing director Datuk Mohd Bakke Salleh is slated to take over from Tan Sri Hassan Merican as the president of national oil company Petronas by next year.
The Malaysian Insider understands that Bakke, known in corporate and government circles as an upright manager, will be appointed soon as executive director of Petronas.
He is expected to understudy Hassan, who has helped turn Petronas into a company considered the country’s most efficiently managed government-owned corporation.
Hassan will retire next February and barring any hitches Bakke will then take the helm.
But Hassan is expected to stay back as chairman of Petronas, Malaysia’s only company on the Fortune 500 listing of the world’s most profitable companies.
Bakke’s appointment is likely to put to rest the unhappiness over speculation that Najib planned to exert his administration’s control over the national oil company by appointing Omar Mustapha, a close confidant, a director.
Such concerns have come about because the government’s hands-off approach has been credited for the national oil company’s tremendous growth.
The Malaysian Insider understands the Petronas board of directors has deferred Omar’s appointment.
It is understood that the board had raised reservations over Omar’s proposed appointment as he had defaulted on his scholarship loan agreement with Petronas almost 20 years ago.
Petronas adviser Tun Dr Mahathir Mohamad had recently expressed his objection publicly to the appointment of Omar.
Bakke’s appointment could allay concerns about the direction Petronas is heading, in light of Hassan’s retirement next year.
A chartered accountant, Bakke is considered to have done well since he took over at Felda Holdings in late 2005.
While there, he managed the assets and investments of the Felda group, which is the world’s largest fully-integrated palm oil-based company.
He is a former property director of Pengurusan Danaharta Nasional Bhd and is credited with cleaning up Tabung Haji when he was appointed chief executive officer of the pilgrims fund in 2001.
Tabung Haji had come under fire then for risky investments and fraudulent withdrawals.
Bakke was responsible for consolidating Tabung Haji’s 16 subsidiaries into four main units.
