KUALA LUMPUR - Malaysia's Petronas announced on Tuesday that the state-owned oil and gas company will see redundancies of under 1,000 positions and leadership changes after a strategic review of its business model.
The company said in a statement on its website that it was efforting to re-deploy employees affected by the redundancies.
"Petronas will further embark on a separation exercise for these employees as needed, which is expected to be completed over the next six months," it said.
The announcement was made after President and Group Chief Executive Wan Zulkiflee Wan Ariffin addressed employees in a town hall meeting in Kuala Lumpur.
Under the review, leadership changes from within the organisation have been made, which will take effect from April 1. The statement also said some executives, whose service contracts have come to an end, are leaving the company.
The new leadership line up showed Mohd Anuar Taib as the new executive vice president & chief executive officer, upstream, replacing the former Wee Yiaw Hin.