Proton CEO Nadzmi Salleh resigns image

Tan Sri Mohd Nadzmi Mohd Salleh has resigned as Proton Holdings Bhd chairman and director with immediate effect.

In a filing with Bursa Malaysia on Friday, the national carmaker said his resignation was part of the terms stipulated in the sales and purchase agreement (SSPA) between Khazanah Nasional Bhd and DRB-Hicom Bhd.

Nadzmi, 57, nominated by Khazanah, was appointed Proton chairman on Jan 1, 2009 and was also chairman of the boards of various subsidiaries within the Proton group of companies.

The announcement comes a month after Proton Holdings Bhd announced a net loss of RM88.2mil for its third quarter (Q3) ended Dec 31, 2011, compared to RM68.1mil recorded in the previous corresponding quarter.

At that time, Proton group chairman Datuk Seri Mohd Nadzmi Mohd Salleh said the lower profit was largely attributed to lower revenue recorded from domestic sales.

However, he added that the unfavourable impact from the lower revenue was cushioned by a decrease in manufacturing overheads and lower administrative expenses incurred in the same financial period.