By Stephanie Jacob
Nazir Razak will step down as the group chief executive officer of the CIMB Group and assume the position of chairman of the board effective Sept 1, 2014.
Nazir Razak
Calling the move a reconfiguration of its leadership structure, CIMB Group announced that Nazir will also take the helm of a soon to-be established Executive Committee of the board. The committee will “focus on key strategic matters and enhance the board’s oversight functions,” said the bank’s statement.
This change comes as current chairman of CIMB Group, Md Nor Yusof retires from the board. Md Yusof will now join the group’s International Advisory Panel (IAP).
Commenting on the changes, Nazir said “I am humbled by the confidence placed in me by the board and major stakeholders by supporting our leadership transition plan.”
In an internal note, Nazir reassured CIMB staff that he “will continue to helm the organisation albeit in a different role, (and) no one should be unduly concerned.”
Nazir explained that following Md Yusof’s decision to retire the group saw a chance to reconfigure its leadership structure to enhance CIMB Group’s governance. The restructuring allows the bank to improve oversight and better balance the roles between the chairman, the board, the CEO and management, he added.
Admitting that he has “long aspired to become chairman of CIMB Group as my next career move, in line with my love and deep commitment to this organisation,” Nazir said he hoped to be at CIMB so long as he felt he could bring value.
He hinted that the group CEO’s seat will be filled quickly, saying “we will keep the suspense as short as possible.”
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 Sept 1, 2014.
CIMB said a new group CEO will be announced once regulatory approvals have been obtained.
He also praised the contribution of outgoing chairman and thanked him for not only his service to the CIMB Group, but also for the help and support given to him personally.
“Tan Sri 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,” he concluded.
In related news, Khazanah Nasional Bhd also announced this evening that Nazir would be appointed to its board of directors, effective Sept 1, 2014.
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