Syed Zaid steps down as SC executive chairman, Awang Adek succeeds him

Datuk Syed Zaid Syed Jaffar Albar’s resignation as executive head of the Securities Commission (SC) was accepted by the Finance Ministry.

Syed Zaid’s resignation, according to the government, will take effect on May 31.

“In this regard, the Finance Government expresses its heartfelt gratitude and admiration for his contribution and service as SC executive chairman from November 1, 2018 to May 30, 2022,” the ministry said in a statement.

Syed Zaid was originally appointed as the SC executive chairman on November 1, 2018 and served for three years until his term was extended for another three years beginning November 1, 2021.

If he does not resign by May 31, he will have only served seven months of his second three-year tenure.

To ensure a smooth and orderly transition and continuity in SC’s governance, the ministry also announced that its minister, Datuk Seri Tengku Zafrul Abdul Aziz, had appointed former deputy finance minister Datuk Awang Adek Hussin as the new SC executive chairman for a three-year term from June 1 this year to May 31, 2025.