Cradle Fund, Malaysian government-owned early stage start-up venture, announced that Rafiza Ghazali will be stepping down as group chief executive officer (GCEO) on 31 May.

Cradle said in a statement that Ghazali is leaving her role to pursue other opportunities.

Cradle Fund chairman, Datuk Yvonne Chia stated Ghazali has worked effectively with all their stakeholders and has propelled Cradle to a key role in Malaysia's startup industry during her term.

Ghazali was appointed as Cradle's GCEO on 1 June 2020 and has set an exemplary model of the participation of women in senior positions in the digital and startup industry.

The company has appointed its corporate services senior vice president, Norman Matthieu Vanhaecke, as acting GCEO effective 1 June 2022, until a permanent replacement is confirmed.

Cradle Fund, incorporated under the Ministry of Finance Malaysia (MOF) back in 2003, focuses on funding potential tech startups through its Cradle Investment Programme (CIP).

Cradle has supported over 900 Malaysian tech startups and holds the highest commercialisation rate in Malaysia.

This comes after Cradle recently launched an accelerator program, MYStartup Pre-Accelerator Programme, together with the Ministry of Science, Technology & Innovation Malaysia (MOSTI).