Proton Holdings Founder Resigns

Mahathir Mohamad quit today as chairman of Proton Holdings Bhd, the Malaysian-owned carmaker he helped launch in 1983.

Proton, which was acquired by conglomerate DRB Hicom in 2012, announced the departure of the 90-year-old former prime minister in a terse statement that offered no explanation.

The resignation was widely expected after Mahathir was released last month as an advisor to Petronas, the state oil company. The Nikkei notes the firing came after he launched a campaign to remove Malaysian Prime Minister Najib Razak, a former protege.

Proton was a personal project of Mahathir when he was prime minister. He continued as an advisor after leaving the political post in 2003 and has served as Proton’s chairman since 2014.

The company, which once controlled more than half the Malaysian car market, has seen its share erode as Japanese brands gained popularity. Last year Proton sold 102,000 vehicles in Malaysia, representing 15% of the market, according to The Nikkei.