KUALA LUMPUR (May 11): Syed Md Najib Syed Md Noor is stepping down as Pos Malaysia Bhd's group chief executive officer (CEO) with effect from June 1, after serving the company for close to three years.

Pos Malaysia, in a statement, said the company is now searching for a suitable replacement.

Syed Najib was appointed to his post in October 2018, when there was a structural decline in mail volume and a major shift in consumer behaviour towards what Pos Malaysia termed as "digitally abled platforms".

According to Pos Malaysia, under Syed Najib's stewardship, various initiatives were employed and the success of which, among others, was the achievement of the integral postal tariff rebalancing, which was the second tariff increase in 28 years.

Commenting on his journey with Pos Malaysia, Syed Najib said working at Pos Malaysia with its postmen and Pos Laju employees has been a humbling experience. "My sincere thanks to the board, management and everyone in Pos Malaysia for the incredible support while I was group chief executive officer," added Syed Najib.

Pos Malaysia also thanked Syed Najib's contribution and said it respects his wish to step down, while wishing him well in his future endeavours.

Pos Malaysia shares closed two sen or 2.29% lower at 85.5 sen apiece today, valuing the group at RM669.27 million.