CIMB announces Novan Amirudin as its new Group CEO

04 June 2024

Kuala Lumpur: CIMB Group Holdings Berhad (“CIMB” or “the Group”) today announced that Novan Amirudin has been appointed as its Group Chief Executive Officer. The new appointment takes effect on 1 July 2024 following the departure of Dato’ Abdul Rahman Ahmad on 30 June 2024.

Novan is currently the Co-Chief Executive Officer of Group Wholesale Banking (“GWB”) as well as the CEO of CIMB Investment Bank Berhad, where he is responsible for Group Corporate Banking, Group Investment Banking, Group Private Banking, Corporate and Public Sector Coverage. Since joining CIMB in 2022, Novan has transformed GWB, which is the largest business within CIMB, and implemented a new operating model to simplify, de-layer and specialise to sharpen its focus and execution. Under his leadership, CIMB has also reclaimed its position as Malaysia's #1 Investment Bank by share of wallet and led the Group's re-entry into the public equities business, through the acquisition and re-launch of CIMB Securities.

A Chartered Accountant, Novan has more than 20 years’ experience in banking and advisory across Malaysia, Indonesia and Singapore. Prior to joining CIMB, Novan spent close to 16 years with J.P. Morgan, with his last position being Head of Equity Capital Markets, Southeast Asia and Head of Investment Banking, Malaysia. Prior to J.P. Morgan, Novan was with PwC, specialising in Corporate Finance advisory.

The Chairman of CIMB, Datuk Mohd Nasir Ahmad said, “I am pleased to welcome Novan Amirudin as Group CEO of CIMB. He is an experienced banker who has excelled in strategic leadership and demonstrated a strong track record in organizational transformation and driving results. Novan’s appointment will also provide continuity of strategy and execution, leveraging on the strong platform built on the success and achievements of CIMB’s Forward23+ Strategic Plan.”

To support Novan, the Group also announced the appointment of Gurdip Singh Sidhu as CEO of CIMB Bank and Malaysia.

In his new role, Gurdip will be primarily responsible for the day-to-day management of CIMB’s home market and core operating geography. Having spent close to 18 years at CIMB in various senior leadership roles, he is currently the Chief Operating and People Officer, CIMB Group. Gurdip will focus on driving strategic priorities for CIMB Bank including enhancing operating resiliency, innovation and growth to take the Malaysian franchise to the next level.

Datuk Nasir added, “The appointments of the new leadership team are a positive reflection of the Group’s robust succession planning that are in place. The Board is confident that under the new leadership, CIMB will be able to compete strongly and deliver on targets set under the Forward23+ Strategic Plan, which is in its final year, as well as help develop and execute our next phase of Beyond F23+ strategy to further create shareholder value and meet stakeholders’ expectations amidst a rapidly evolving regional banking landscape.