Nazir Razak steps down as CIMB chairman, succeeded by Mohd Nasir Ahmad
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CIMB Group Holdings Bhd has received Bank Negara Malaysia’s approval for the appointment of Datuk Mohd Nasir Ahmad as the group chairman effective tomorrow. He will succeed Datuk Seri Nazir Razak, who is stepping down last week.
On Sept 24, Nazir announced his intention to retire from his position as the group chairman and all other positions within the CIMB group of companies by year-end.
Nazir had served CIMB for 29 years since 1989, including as group CEO for 15 years and as group chairman since 2014. Under his leadership, CIMB grew from a fledgling corporate finance franchise into a top Malaysian investment bank, and was later transformed into a leading universal bank in Asean.
Meanwhile, Mohd Nasir has been a member of the group’s board of directors (BOD) since 2015, and its senior independent director since April 2016.
As part of this appointment, he will relinquish his positions as senior independent director and chairman of the audit committee. However, he will remain as a member of the group BOD’s audit committee, risk committee and group nomination & remuneration committee.
Mohd Nasir is a chartered accountant by training and a fellow of the Association of Chartered Certified Accountants (ACCA), UK. He is also a council member of the ACCA Global Council. He has 39 years of corporate experience through companies such as Tenaga Nasional Bhd, including in CEO positions at Syarikat Permodalan Kebangsaan Bhd and Perbadanan Usahawan Nasional Bhd. He is the group chairman of Media Prima Bhd, as well as an independent director of CIMB Bank Bhd, SIRIM Bhd and Sistem Televisyen Malaysia Bhd.
“Nazir had served CIMB for 29 years since 1989, including as group CEO for 15 years and as group chairman since 2014.”
“I am delighted that following the Sept 24 announcement of my intention to retire, the board has been able to appoint my successor quickly from within the group board, and someone capable of taking over immediately. I am, therefore, relinquishing all my positions in the CIMB group with effect from today. Naturally, I will make myself available to assist the new chairman in any way to ensure a smooth transition,” Nazir said in a statement on Mohd Nasir’s appointment.
CIMB group’s BOD and chairperson of group nomination & remuneration committee Teoh Su Yin said Mohd Nasir’s substantial corporate experience in various capacities and leadership roles, coupled with his three-year directorship on the CIMB group board, will provide valuable guidance and continuity during this time of transition and CIMB’s continued evolution.
“The board looks forward to his stewardship as the group shapes its next mid-term growth strategy. The board would also like to record its appreciation to Nazir under whose tenure CIMB grew and became a leading Asean financial institution, and we wish him all the very best for the future.”
CIMB group CEO Tengku Zafrul Aziz said the group looks forward to being guided by Mohd Nasir as it starts executing its next mid-term growth plan in 2019, which will focus on, among others, the people, customers, digital and sustainability.
Questions & Answers
Q.When did Nazir Razak first announce his intention to retire from CIMB?
When did Nazir Razak first announce his intention to retire from CIMB?
Nazir Razak announced his intention to retire from his position as group chairman and all other positions within CIMB on September 24. He intended to step down by the year-end.
Q.What roles will Mohd Nasir Ahmad relinquish upon becoming group chairman?
What roles will Mohd Nasir Ahmad relinquish upon becoming group chairman?
Mohd Nasir Ahmad will relinquish his positions as senior independent director and chairman of the audit committee. He will, however, remain a member of other group BOD committees.
Q.How long has Mohd Nasir Ahmad been a member of CIMB's board of directors?
How long has Mohd Nasir Ahmad been a member of CIMB's board of directors?
Mohd Nasir Ahmad has been a member of CIMB's board of directors since 2015. He has served on the board for three years prior to his appointment as group chairman.
Q.What is CIMB's strategic focus for its next mid-term growth plan starting in 2019?
What is CIMB's strategic focus for its next mid-term growth plan starting in 2019?
CIMB's next mid-term growth plan, starting in 2019, will focus on people, customers, digital transformation, and sustainability. The group CEO looks forward to guidance from the new chairman.
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