Business Times – 16 hours ago
//KUALA LUMPUR: CIMB Group chief executive officer (CEO) Datuk Seri Nazir Razak will relinquish his post as a CEO come September 1 and will be the banking group’s chairman.
CIMB, in a statement issued today, said its current chairman, Tan Sri Md Nor Yusof will retire from the Board of Directors and join the group's International Advisory Panel (IAP).
“In addition to being chairman of CIMB Group, Nazir will also chair an executive committee of the board (to be established), that will focus on key strategic matters and enhance the board’s oversight functions,” it said.
CIMB said a new Group CEO will be announced once regulatory approvals have been obtained.
“Nazir will also continue to serve as president commissioner of PT Bank CIMB Niaga and deputy chairman of CIMB Bank and be nominated chairman of CIMB Investment Bank, with effect from September 1, 2014,” it added.
Nazir, in the statement, said Md Nor is a pioneer of the modern CIMB Group, having served as CEO of Bank of Commerce, one of key banks that comprise CIMB Group today, from 1986 to 2000 and chairman of CIMB Group since July 2006.
“We will be eternally indebted to him for his enormous contributions to the group. On a personal level, Md Nor has been my mentor, and taught me so much of what I know today. CIMB is fortunate that we can continue to benefit from his counsel via his role on our IAP," said Nazir.
