KUALA LUMPUR: Bursa Malaysia Bhd has announced the retirement of its chief executive officer (CEO) Datuk Seri Tajuddin Atan effective February 11 next year.
Bursa named Datuk Muhamad Umar Swift as Tajuddin’s successor.
“This decision by the board of directors was made following its implementation of a robust leadership succession plan, to ensure that the exchange is best positioned to deliver on its value proposition to all stakeholders,” Bursa said in a statementy today.
“The Securities Commission has also given its concurrence for the appointment of the new CEO in accordance with Section 10 of the Capital Markets and Services Act 2007,” it added.
Tajuddin joined Bursa as CEO in April 2011 when he was given the mandate to create a vibrant capital market.
After the victory of Pakatan Harapan’s government during the 14th General Election (GE14), it was reported that the new government was looking to replace Tajuddin, in its series of top management changes.
Tajuddin, at that time, declined to respond to speculation about his position at the local bourse, saying it was “business as usual for now”.
Under his leadership, he implemented strategic initiatives that had transformed the stock exchange into a national institution that delivered a robust, dynamic and efficient capital market.
As a company, Bursa has continued to showcase a strong and sustainable business performance, evidenced by positive financial results.
Against a backdrop of a challenging global environment in 2018, Bursa recently announced its highest ever nine-month operating revenue since listing in 2005.
Umar, meanwhile, brings with him over 22 years of experience in the areas of banking and financial services.
He is currently the group CEO and group managing director of MAA Group Bhd.
He is an associate of the Institute of Chartered Accountants in Australia, a chartered accountant with the Malaysian Institute of Accountants, a member of CPA Australia, a fellow of the Taxation Institute of Australia, as well as a fellow of the Financial Services Institute of Australasia in Australia.
“The board, management and staff of Bursa Malaysia look forward to working closely with Datuk Umar in his new role as CEO.
“His experience will bring a refreshed perspective for Bursa Malaysia and I am confident that he will continue to spearhead the exchange towards its next phase of accelerated growth of becoming a leading, responsible and globally-connected Asean Marketplace,” Bursa chairman Tan Sri Amirsham A Aziz said.