KUALA LUMPUR: RHB Capital Bhd (RHBCap) has identified a successor to assume the role of group managing director and group chief executive officer, following the resignation of the incumbent, Kellee Kam Chee Khiong, on Feb 12.

"A successor has been identified. The board will now proceed to seek approval from Bank Negara Malaysia (BNM) to appoint the said successor. An announcement will be made upon receipt of BNM’s approval," said RHBCap (fundamental: 1.5 valuation: 2.1) in a statement today.

It also said that its board of directors has formally accepted Kam's resignation.

It said Kam will step down as group CEO on May 4 this year, and that he will continue to carry out his responsibilities prior to that.

Meanwhile, in the group's filing to Bursa Malaysia today, RHBCap said Kam will also retire as the MD of RHBCap, pursuant to Article 80 of the Company’s Articles of Association, at the forthcoming 20th Annual General Meeting (AGM) to be scheduled tentatively in April 2015, and that he will cease office as group MD/MD of RHB Capital at the conclusion of the 20th AGM.

It added that its board has further approved the appointment of Datuk Khairussaleh Ramli, the current MD of RHB Bank Bhd/deputy group MD, to be the acting group CEO/group MD in Kam's absence.

The stock closed down four sen or 0.5% at RM7.92 today, bringing its market capitalisation to RM20.477 billion.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)