Key Leadership Appointments Solidify EPF’s Strategic Direction
The Employees Provident Fund, commonly known as the EPF, has announced significant changes to its senior leadership team, effective Monday, December 1. These appointments reinforce the fund’s commitment to its long-term investment strategy and robust financial governance.
Mohamad Hafiz Kassim has been promoted to the role of chief investment officer (CIO), stepping up from his previous position as chief financial officer (CFO). Concurrently, Ahmad Rizal Omar has been named the new chief financial officer, filling the vacancy created by Mohamad Hafiz’s move and bringing his extensive financial Management experience to the pension fund.
The EPF’s chief executive officer, Ahmad Zulqarnain Onn, expressed strong confidence in the newly appointed CIO, noting that Mohamad Hafiz possesses a wealth of experience, steady leadership qualities, and a deep understanding of the EPF’s philosophy towards long-term Investment. This background, combining expertise in both the Investment and Finance divisions, makes him exceptionally well-suited to lead the critical portfolio.
Mohamad Hafiz succeeds Rohaya Mohammad Yusof, who successfully headed the fund’s investment division for the previous five years, overseeing a period of significant market volatility and growth. The strategic importance of the CIO role is amplified by the EPF’s massive size and its fiduciary duty to ensure the financial well-being of its millions of members.
Mohamad Hafiz’s deep, internal knowledge of the organization, having been with the EPF since 2008 and holding various senior leadership positions across its private equity, private market, capital market, and real estate portfolios, provides a seamless transition and continuity in the fund’s approach to global asset allocation and risk Management. His promotion signifies the EPF’s strategy of nurturing and elevating internal talent to guide its multi-billion-dollar portfolio.
Ahmad Rizal Omar Strengthens EPF’s Financial Acumen
The appointment of Ahmad Rizal Omar as the new chief financial officer is a calculated move to further strengthen the EPF’s core financial Management and governance framework. Ahmad Rizal is a highly qualified chartered accountant, bringing more than two decades of diverse and high-level experience to the pension fund.
Before joining the EPF in this critical capacity, he had a distinguished career, notably serving as the chief financial officer at PLUS Malaysia Bhd, one of the region’s largest toll road operators. His extensive experience also includes senior executive roles at other prominent Malaysian Government-linked companies (GLCs), such as Malaysia Airports Holdings Bhd, the sovereign wealth fund Khazanah Nasional Bhd, and the telecommunications giant Axiata Group Bhd.
This broad exposure across infrastructure, Investment, and telecommunications sectors provides him with a unique, holistic perspective crucial for navigating the financial complexities inherent in managing a fund the size of the EPF. CEO Ahmad Zulqarnain Onn emphasized that Ahmad Rizal’s proven leadership capabilities and sharp financial acumen are expected to significantly enhance the EPF’s existing financial Management practices and overall governance standards, ensuring the fund maintains the highest levels of transparency and fiduciary responsibility.
The transition is designed to be smooth, as Ahmad Rizal was already familiar with the fund’s operations, having previously served as the head of the finance department, giving him an immediate working knowledge of the EPF’s internal financial systems and reporting structures. His background in managing Finance for complex, large-scale listed entities is directly applicable to optimizing the financial health and operational efficiency of the EPF, which is critical for protecting and growing members’ retirement savings.
Strategic Rationale for the Leadership Transition
The simultaneous appointments of a new CIO and CFO at the EPF underscore a strategic leadership transition designed to leverage deep internal experience while integrating high-caliber external expertise. Mohamad Hafiz’s progression from CFO to CIO is particularly noteworthy, as his training in both accounting and Finance, coupled with his extensive time within the EPF since 2008, offers a rare blend of financial control oversight and hands-on Investment expertise.
This cross-functional background ensures that the Investment division’s strategies will be pursued with a strong understanding of financial risk, compliance, and capital allocation efficiency, which is paramount for a sovereign Investment entity. The CEO publicly thanked the outgoing CIO, Rohaya Mohammad Yusof, for her dedicated service over 17 years, acknowledging the profound contribution she made to the fund’s success.
Such long-serving leaders are instrumental in establishing the enduring institutional philosophy that guides the EPF’s long-term Investment decisions. The strategic influx of talent with Ahmad Rizal’s appointment as CFO, drawing on his experience from major corporations like PLUS Malaysia and Khazanah Nasional, injects a fresh perspective on large-scale corporate financial Management into the EPF.
This duality of retaining internal institutional knowledge (Mohamad Hafiz) while integrating external industry best practices (Ahmad Rizal) is key to ensuring the pension fund remains agile, resilient, and well-governed as it navigates an increasingly complex global Finance landscape, safeguarding the retirement security of its contributors for decades to come.
Regional Market Impact: Stability and Domestic Capital Allocation
These high-level appointments at the EPF—the largest Investment entity in Malaysia and a significant regional capital allocator—send a strong signal of institutional stability and commitment to Malaysia’s domestic Finance and Economy sectors. As the CIO and CFO manage the EPF’s immense asset portfolio (which stood at RM1.37 trillion as of September 30, 2025, according to recent figures), their strategic direction directly impacts the Kuala Lumpur Stock Exchange (KLSE), bond markets, and the liquidity of private Investment vehicles across Southeast Asia.
The shift of Mohamad Hafiz, with his private markets and real estate background, into the CIO role suggests a potential continuation or even an intensification of the EPF’s strategy to diversify away from traditional fixed Income (which was 45% of total assets in Q3 2025) and into higher-yielding, unlisted Investments, particularly in key Malaysian infrastructure and Property development projects. This directional signal is critical for the local Business environment, as the EPF often serves as the anchor Investment for major public-private partnerships, effectively lowering the cost of capital for domestic projects and boosting the local Economy through sustained capital expenditure.
Furthermore, the appointment of a CFO with extensive experience from major Government-Linked Corporations (GLCs) like PLUS and Khazanah enhances the EPF’s capacity for stringent oversight of its Investment mandates with these state-owned entities. This renewed focus on robust financial governance reassures both local and international investors that the EPF will continue to act as a stabilizing force in the Malaysian Finance ecosystem, providing long-term, patient capital that is crucial for insulating the national Economy from short-term global market volatility and bolstering the overall Business confidence in the region.
