KUALA LUMPUR (June 16): Country Heights Holdings Bhd has commenced the search for a new chief executive officer after Mohd Rizal Zubair resigned from the position less than two months after assuming the role.
In a filing with Bursa Malaysia, the property developer stated that Mohd Rizal stepped down to pursue personal interests. The company clarified that his resignation was not due to any disagreement with the board regarding the group’s operations, policies, financial matters, corporate governance, or any issue that would require public disclosure.
The board further confirmed that there were no material matters related to the resignation that shareholders should be concerned about.
Mohd Rizal was appointed CEO on April 15, 2026. Prior to joining Country Heights, he served as group CEO of UKM Holdings Sdn Bhd, the investment and commercial arm of Universiti Kebangsaan Malaysia (UKM), where he oversaw businesses across investment holdings, healthcare, consultancy, and real estate sectors.
The leadership change comes at a challenging period for Country Heights, which has remained in the red for at least six consecutive quarters. The company recently reported a net loss of RM2.37 million on revenue of RM6.73 million. Comparative figures were unavailable due to a change in the company's financial year-end from Dec 31 to June 30.
Despite the departure, Country Heights assured stakeholders that its operations and ongoing development projects will continue without disruption. In the interim, daily operations will be managed by the existing senior management team under the supervision of the board of directors.
The company has initiated the process of identifying a suitable successor and will announce the appointment once a candidate has been selected.
Country Heights reiterated its commitment to maintaining strong corporate governance standards while continuing to execute its strategic objectives for shareholders and stakeholders.
On Monday, the company's shares rose 0.5 sen, or 3.2%, to close at 16 sen, giving it a market capitalisation of approximately RM50.5 million. However, the stock remains down 20% year-to-date.
Key Takeaways
The resignation of a CEO after less than two months in office highlights ongoing leadership uncertainty at Country Heights. While management has assured investors that business operations remain unaffected, the company continues to face financial challenges, having recorded multiple consecutive quarters of losses. The appointment of a new CEO will be closely watched, as investors look for stronger leadership to drive business recovery, improve profitability, and restore market confidence. The development also underscores the importance of leadership stability and strategic execution for companies undergoing financial restructuring or turnaround efforts.
Yao Mu Realty, based in Kuala Lumpur, Malaysia, specializes in industrial real estate for factories and land, delivering professional and efficient solutions.
Posted by Yao Mu Realty Sdn Bhd on 16 Jun 26
Malaysia