Nazir ready to leave CIMB before term ends

CIMB Group chairperson Nazir Razak will leave the banking group when his term ends next March, reported The Star today.

The youngest brother of former prime minister Najib Razak has informed the CIMB board of directors that he will not seek re-election as chairperson, a post he has held since 2014.

He has also served as CIMB chief executive officer (CEO) for 15 years.

“He (Nazir) has told the board that he will leave and not seek re-election. The board is already searching for a successor," said the source.

Malaysiakini has contacted Nazir for his response.

Speculation has been rife that Nazir could leave earlier than March.

The source however said thus far, there has been no indication of him being “told to go”.

“He has not been called in by the Council of Eminent Persons (CEP) or anyone else,” the source was reported as saying.

The CEP is headed by former finance minister Daim Zainuddin, and was set up to advise the new Pakatan Harapan government on how to achieve its economic promises in 100 days as per its election manifesto.

CEP is also looking into the performance of government-linked companies (GLCs) and reviewing the appointments of key executives.

Several CEO at GLCs as well as government-linked investment companies (GLICs) have already vacated their positions following the change in government.

Nazir is prepared to go earlier than the expiry of his term if he is told to do so, according to another source. - Mkini