Kurnia Insurans CEO resigns
(Business Times, 6th JAN 2010) Captain K.H. Chia says he is resigning on his own accord to pursue his own aspirations and hints that his next move might be in the life insurance segment
Kurnia Insurans (Malaysia) Bhd managing director and chief executive officer (CEO) Captain K.H. Chia has resigned, after just 17 months on the job.
Chia told Business Times that he had tendered his resignation, which will be effective at the end of this month.
Kurnia Asia, which owns the country’s number one motor insurer, has not decided who will take over from Chia.
His departure followed the resignation of Datuk Adrian Loh from the board of Kurnia Asia Bhd which was announced on Bursa Malaysia’s website yesterday. Chia took over the post of Kurnia Insurans CEO from Loh on July 1 2008.
“My resignation is on my own accord. It’s a new year and I want to pursue my own aspirations,” he said. Chia hinted that his next move might be in the life insurance segment.
The 30-year veteran of the insurance industry started as a life insurance agent and was previously the CEO of Citic-Prudential in China.
A company insider said Chia had indicated that he wanted to move back to China.
“Chia had mentioned his intention to resign about two months ago. So it was no surprise that his decision to step down was made known to the senior management team on Monday,” the source told Business Times.
Chia was said to have made up his mind to join the Kurnia group after talking to Tan Sri Kua Sian Kooi, who is the chairman of both Kurnia Asia and Kurnia Insurans.
“Our relationship remains on good terms,” Chia said.
He was responsible for hauling Kurnia Insurans, which accounts for nearly 95 per cent of Kurnia Asia’s annual revenue, out of the red.
Under Chia’s leadership, Kurnia successfully launched the Transformation of Operations and Performance exercise in July 2007. The group has since turned around, with a net profit of RM57.1 million in the financial year ended June 30 2009 from a net loss of RM301.8 million in 2008.