NEW ROLE: Nazir to take over as CIMB Group chairman effective September 1
CIMB Group Holdings Bhd yesterday announced that Datuk Seri Nazir Razak is taking over as chairman of CIMB Group, effective September 1, fuelling speculation that his deputy, Tengku Datuk Zafrul Tengku Abdul Aziz, may assume the post of group chief executive officer (CEO).
The country’s second-largest banking group did not name who will take over from Nazir, who is relinquishing his current position on the same date, saying that a new group CEO will be announced once regulatory approvals have been obtained.
CIMB’s largest shareholder with 30 per cent stake, Khazanah Nasional Bhd, said it is appointing Nazir to its board of directors effective September 1.
In a separate statement, CIMB said current chairman Tan Sri Md Nor Yusof will retire from the group’s board and join its international advisory panel.
In an internal note to CIMB staff which was made available to Business Times, Nazir said the appointment is in line with his “love and deep commitment” to the organisation.
He said he has long aspired to be chairman of CIMB Group.
“I have spent my entire career with CIMB and have every intention of continuing with the firm for as long as I can... I look forward to spearheading the group in my new position,” said the 48-year old Nazir who has served CIMB Group for 25 years.
“I also felt that after 15 years as group CEO, CIMB will benefit from a new group CEO with fresh ideas and higher energy. I intend to work closely with the new group CEO to ensure his or her smooth ascension to the post and assumption of day-to-day operational leadership,
“There will inevitably be interest and speculation and more ‘interesting’ perspectives to our leadership transition plan. We will keep the suspense as short as possible and I will continue to helm the organisation, albeit in a different role, so no one should be unduly concerned. I am not going anywhere else (except that in tandem with chairmanship of CIMB, I will also be appointed to the board of Khazanah),” he added.
Since his appointment as CIMB Investment Bank Bhd CEO early this year, market talk has it that Zafrul has been picked as one of the five internal candidates to be groomed as Nazir’s successor.
However, Zafrul has dismissed the talk in interviews with the media.
Zafrul also heads CIMB Group’s Investment Banking Division and co-heads its Corporate Clients Solutions Division.
In its official statement, CIMB said it is taking the opportunity to reconfigure its leadership structure.
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 functions.