Khazanah Nasional Berhad has confirmed that Employees Provident Fund (EPF) chief executive officer Shahril Ridza Ridzuan is its new managing director.

"Shahril is scheduled to report for duty as managing director on Aug 20," the sovereign wealth fund said in a statement.

Shahril, 48, has led EPF since 2013 and has been with the fund since 2009.

He replaces Azman Mokhtar, who together with the Khazanah board of directors, resigned en bloc on July 26.

The board of directors were swiftly replaced with Prime Minister Dr Mahathir Mohamad becoming the new chairperson and Economic Affairs Minister Azmin Ali as one its directors.

The other directors are Council of Eminent Persons member and former Petronas president Mohd Hassan Marican; former Bank Negara deputy governor Sukhdave Singh; and former Securities Commission Malaysia executive Goh Ching Yin.

In its statement, Khazanah also welcomed the new board and thanked the previous board and Azman for their service and contributions to Khazanah and the country.