Awang Adek Hussin will take over as executive director of the Securities Commission (SC) following the resignation of Syed Zaid Syed Jaffar Albar effective June 1.
The finance ministry said Awang Adek would hold the post for a period of three years until May 31, 2025, in line with Section 4(2) of the Securities Commission Act 1993.
It said he had extensive expertise and experience in the field of capital markets and Islamic finance, holding a PhD in economics from the University of Pennsylvania in the US.
He was also previously an assistant governor at Bank Negara Malaysia, and had been on the SC board.
He was formerly chairman of Tenaga Nasional Bhd, first director-general of the Labuan Coastal Financial Services Authority, former ambassador to the US, and deputy finance minister from 2006 to 2013.
“The finance ministry is confident that Awang Adek will be able to make outstanding contributions to ensure that the SC achieves its goal of being a high-performing organisation,” it said.
It also thanked Syed Zaid for his years of service as SC executive director from Nov 1, 2018 to May 30, 2022.