NAZIR TO LEAVE CIMB
Banking group will activate succession plan to decide on new chairman
DATUK Seri Nazir Razak will step down as CIMB Group Holdings Bhd chairman and from other positions within the CIMB group of companies by December 31.
The country’s second-largest banking group will now activate its succession plan to decide on the next chairman and the date of handover.
Nazir has served CIMB for 29 years since 1989, including as group chief executive officer (CEO) for 15 years and group chairman since 2014.
Under his leadership, CIMB grew from a fledgling corporate finance franchise into a top Malaysian investment bank and leading universal bank in Asean.
The group was listed in 2003 with RM9.6 billion in assets and a market capitalisation of RM1.5 billion.
As at June 30, the group’s assets stood at RM515 billion. Its current market capitalisation is RM58 billion.
“It was always going to be hard to find the perfect moment for me to leave CIMB — not too soon, not too late — but always with the firm’s best interest in mind,” said Nazir in a statement yesterday.
“Over the past few weeks, I have spent a lot of time thinking about it and decided that it would be most appropriate for me to leave upon the completion of T18, CIMB’s four-year recalibration plan launched in 2014. After all, my career mission has been to build CIMB into a leading Asean financial institution.
“As T18 comes to a close, CIMB is now financially strong, organisationally robust and firmly institutionalised.
“We have an excellent management team led by (group CEO) Tengku Datuk Seri Zafrul Tengku Abdul Aziz and an impressive cadre of future leaders lined up behind them. The firm’s continued success after my departure will affirm that my CIMB mission has, indeed, been accomplished.”
Senior independent director Datuk Mohd Nasir Ahmad said Nazir’s visionary leadership, business acumen and professionalism had made CIMB a leading banking institution in Asean.
“As chairman, he has always supported the directors in carrying out their duties in accordance with the principles of good governance, transparency and accountability, with the mission of creating sustainable value for all our stakeholders.”
Tengku Zafrul also paid tribute to Nazir.
“It is a privilege to work with Nazir, who has been a pillar of support, a great mentor and above all, a highly valued friend to me. What CIMB is today is a testament of his vision.
“He has always prioritised value-creation for all stakeholders and the group’s business sustainability, a philosophy that the management has also embraced. He will be sorely missed, but his legacy will continue to be reaffirmed in all CIMB’s future achievements and successes.”
CIMB said in the next few weeks, Nazir’s priorities would include the completion of T18, finalisation of the group’s new strategic blueprint and smooth handover of the chairmanship.