IOI Corporation Berhad announced retirement of Datuk Karownakaran @ Karunakaran A/L Ramasamy, age 72, as Independent and Non Executive Non Executive Director. The date of change is October 31, 2022. Datuk Karownakaran @ Karunakaran a/l Ramasamy ("Datuk Karunakaran") is presently an Independent Director of Malayan Banking Berhad and Integrated Logistics Berhad.

He is also the Chairman of the board of Etiqa International Holdings Sdn Bhd, Maybank Ageas Holdings Berhad and Maybank Singapore Limited.He joined the Malaysian Industrial Development Authority (now known as Malaysian Investment Development Authority) ("MIDA") in August 1972 and served in various positions including Deputy Director, Director, Deputy Director-General and Director-General. He also served as a Director of MIDA Singapore, Cologne (Germany) and London. Having served MIDA for about 36 years, Datuk Karunakaran retired as the Director-General of MIDA in June 2008, a position he held for about 4 years.

During his service with MIDA, he was responsible for the promotion and coordination of the development of the manufacturing and services sectors in Malaysia including promoting domestic and foreign investment in Malaysia. He was also a member of the Cabinet Committee on Investment.