24 September 2018
KUALA LUMPUR: CIMB Group (“CIMB” or “the Group”) today announced that its Chairman, Dato’ Sri Nazir Razak, will step down from his position as Group Chairman, and all other positions within the CIMB group of companies by 31 December 2018. The CIMB Board of Directors (BOD) will now activate its succession plan to decide on the next Chairman and the exact date of handover.
Dato’ Sri Nazir has 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, and its current market capitalisation is RM58 billion.
Dato’ Sri Nazir Razak said, “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. 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. In 2014 CIMB had its first CEO transition as a universal bank and embarked on T18 to strengthen structures, processes as well as checks and balances of an organisation built at a rapid pace on transformative M&A’s and regional expansion. As T18 comes to a close CIMB is now financially strong, organisationally robust and firmly institutionalised. We have an excellent management team led by Tengku Dato’ Sri Zafrul 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.”
Speaking on behalf of CIMB Group’s BOD, Senior Independent Director, Datuk Mohd Nasir Ahmad said, "Dato' Sri Nazir Razak's visionary leadership, business acumen and professionalism have made CIMB a well-recognised, leading banking institution in ASEAN, and the Group's continued success is a testament of his legacy. 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. All of us are saddened to be losing him, but we respect his decision."
Tengku Dato' Sri Zafrul Aziz, Group CEO, CIMB Group, said, "It is a real privilege to work with Dato’ Sri Nazir, who has been a pillar of support, a great mentor and above all, a highly valued friend to me. What CIMB is today – an institutionalised leading ASEAN universal bank with solid foundations – is a testament of his vision. He has always prioritized 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."
Dato’ Sri Nazir’s designated successor will be announced in due course. In the next few weeks, Dato’ Sri Nazir’s priorities include the completion of T18, the finalisation of CIMB’s new strategic blueprint and the smooth handover of the Chairmanship to his successor.
