The Tm Ceo Standoff Ball In Pm S Court

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TM Standoff: Guan Eng refuses to back off

Lynas-to-Stay, June 2: The Edge ran a story Telekom CEO standoff, quoting unnamed sources, claiming that Telekom Malaysia chairman Rosli Man had "REFUSED to proceed with the appointment of acting CEO Imri Mokhtar as its CEO despite the decision of its special shareholder, the Ministry of Finance Inc (MoF Inc)". 
The sources said "a decision was made in February by MoF to appoint Imri as CEO, but it has been three months and the chairman (Rosli Man) has REFUSED to act on it".
The repeated use of the word "refuse" would paint Rosli Man, who was made chairman of Telekom in December, as degil, recalcitrant, rebel, lawan tauke. 
If you ask me to guess, I'd say the sources are  people who don't like Rosli Man. They could well be from the MoF ... or Imri Mokhtar himself. 
Telekom Malaysia, being a responsible public listed company, had to respond to the Edge's article. In a filing with Bursa Malaysia, TM said its chairman had received a request from the Prime Minister's Office to defer Imri's appointment. Rosli Man had informed the board of the PMO's request early March

“We believe that it is good corporate governance to
engage key stakeholders including the PMO". - Telekom

Which triggered Guan Eng's rather curt response:“The chairman and CEO are appointed by the Finance Ministry after getting a letter and note from the prime minister himself, and so far there has been no instruction from the prime minister to change, so the TM chairman and CEO are still the same persons (Rosli Man and Imri Mokhtar, respectively)."
In other words, Guan Eng insists on Imri Mokhtar as CEO unless the PM himself tells him that the PMO has another candidate in mind. (For greater clarity, read the NST's version: Guan Eng: No orders from PM to change TM's chairman, CEO). 
What's happening at TM is clearly a[nother] GLC proxy war. MoF wants its candidate as CEO and PMO or Khazanah or someone else probably wants another person to lead the telco. It is messy and counter productive.

TM has already lost billions in market cap due to inept ministers and this proxy war is not going to benefit it in any way.  And many analysts don't see why the CEO of TM must be decided by the MoF or PMO or Khazanah. 
TM has a Board that has a Chairman. It's good corporate governance to let the TM Board to decide who should be the TM CEO


Read also:
Why TM lost RM12 billion in market cap

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