CIMB Group Appoints Datuk Mohd Nasir Ahmad as Group Chairman

19 October 2018

KUALA LUMPUR: CIMB Group (“CIMB” or “the Group”) today announced that it has received Bank Negara Malaysia’s approval for Datuk Mohd Nasir Ahmad to be appointed as Group Chairman of CIMB Group. His appointment will take effect on 20 October 2018.

Datuk Mohd Nasir has been a member of the Group’s Board of Directors (BOD) since 2015, and its Senior Independent Director since April 2016. He is familiar with the Group’s business and is well known to both CIMB’s internal and external stakeholders. As part of this appointment, Datuk Mohd Nasir will relinquish his positions as Senior Independent Director and Chairman of the Audit Committee. He will remain as a member of the Group BOD’s Audit Committee, Risk Committee and Group Nomination & Remuneration Committee.

Datuk Mohd Nasir will take over from Dato’ Sri Nazir Razak who will step down on 19 October 2018. Prior to this, on 24 September 2018, Dato’ Sri Nazir had announced his intention to retire from his position as Group Chairman, and all other positions within the CIMB Group of companies.

Datuk Mohd Nasir is a Chartered Accountant by training and a Fellow of the Association of Chartered Certified Accountants (ACCA), United Kingdom. He is also a Council Member of the ACCA Global Council. He has 39 years of corporate experience through companies such as Tenaga Nasional Berhad, including in CEO positions at Syarikat Permodalan Kebangsaan Berhad and Perbadanan Usahawan Nasional Berhad. He is the Group Chairman of Media Prima Berhad, as well as an Independent Director of CIMB Bank Berhad, SIRIM Berhad and Sistem Televisyen Malaysia Berhad.

In welcoming his appointment, Dato’ Sri Nazir said, “Congratulations to Datuk Mohd Nasir whom I have known since the early 1990’s and greatly respect. I am delighted that following the 24 September announcement of my intention to retire, the Board has been able to appoint my successor quickly from within the Group Board, and someone capable of taking over immediately. I am, therefore, relinquishing all my positions in the CIMB Group with effect from today. Naturally, I will make myself available to assist the new Chairman in any way to ensure a smooth transition.”

Speaking on behalf of CIMB Group’s BOD, Chairperson of Group Nomination & Remuneration Committee, Teoh Su Yin said, "Datuk Mohd Nasir’s substantial corporate experience in various capacities and leadership roles, coupled with his three-year directorship on the CIMB Group Board, will provide valuable guidance and continuity during this time of transition and CIMB’s continued evolution. The Board looks forward to his stewardship as the Group shapes its next mid-term growth strategy. The Board would also like to record its deep appreciation to Dato’ Sri Nazir under whose tenure CIMB grew and became a leading ASEAN financial institution, and we wish him all the very best for the future.”

Tengku Dato' Sri Zafrul Aziz, Group CEO, CIMB Group, said, "On behalf of the management, we would like to congratulate and welcome Datuk Mohd Nasir as the Chairman of CIMB Group. We look forward to being guided by him as we start executing our next mid-term growth plan in 2019, which will focus on, among others, our people, customers, digital and sustainability. I would also like to record my personal gratitude to Dato’ Sri Nazir, whose strong passion for excellence has become part of CIMB’s culture, and whose legacy will continue to be reaffirmed in all CIMB’s future successes."

Dato’ Sri Nazir had served CIMB for 29 years, since 1989, including as Group CEO for 15 years and as Group Chairman since 2014. Under his leadership, CIMB grew from a fledgling corporate finance franchise into a top Malaysian investment bank, and was later transformed into a leading universal bank in ASEAN. The Group was listed in 2003 with RM9.6 billion of assets and a market capitalisation of RM1.5 billion. As at 30 June 2018, the Group’s assets stood at RM515 billion. Its current market capitalisation is RM56.4 billion.