Malaysia’s CIMB Group said on Tuesday that its group CEO Abdul Rahman Ahmad will step down on June 30.
CIMB has a robust succession plan in place and will announce its new group CEO in due course, pending regulatory approval, the country’s second-biggest bank said in an exchange filing.
Rahman, who led CIMB since 2020, will join Malaysia’s largest asset manager Permodalan Nasional Bhd (PNB) as new president and group CEO from July 1, a role he used to helm from 2016 to 2019, a separate statement by PNB said.
CIMB is backed by Malaysia sovereign wealth fund Khazanah Nasional, which is the bank’s largest shareholder with a 21.98% stake, LSEG data showed.
CIMB was 0.6% lower by the midday break before the announcement. Shares of the lender have climbed nearly 13% so far this year.
Reuters