Country Heights CEO resigns after brief stint, search for successor begins

KUALA LUMPUR (June 16): Country Heights Holdings Bhd (KL:CHHB) is searching for a new CEO after Mohd Rizal Zubair (pictured) resigned from the position barely two months after taking the helm.

Mohd Rizal stepped down to pursue personal interests, according to the loss-making property developer's bourse filing on Monday.

The company was quick to clarify that the resignation was not due to any disagreement with directors on matters relating to the group's operations, policies, financial affairs, corporate governance or any other issue requiring public disclosure.

"The board further confirms that there are no material matters relating to the resignation that need to be brought to the attention of the shareholders of the company," Country Heights said.

Mohd Rizal was appointed to the position on April 15. Before joining Country Heights, he served as group CEO of UKM Holdings Sdn Bhd, the investment and commercial arm of Universiti Kebangsaan Malaysia, where he oversaw businesses spanning investment holdings, healthcare, consulting and real estate.

The departure comes as Country Heights faces continued financial struggle. It has reported losses for at least six consecutive quarters and most recently posted a net loss of RM2.37 million on revenue of RM6.73 million. No comparative figures were available for the corresponding quarter and preceding financial year as the company changed its financial year-end from Dec 31 to June 30.

On Monday, Country Heights also said that its operations and ongoing projects remain unaffected. Pending the appointment of a new CEO, the company's day-to-day operations will continue to be managed by its existing senior management team under oversight of the board.

The company added that it has begun the process of identifying a suitable successor and will make the necessary announcement once a candidate has been appointed.

"The board remains committed to maintaining the highest standards of corporate governance and ensuring the continued execution of the group's strategic objectives for the benefit of its shareholders and stakeholders," it said.

Shares of Country Heights rose half a sen or 3.2% to close at 16 sen on Monday, giving the company a market capitalisation of RM50.5 million. The stock remains down 20% year to date.

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