Thursday 28 Mar 2024
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KUALA LUMPUR (Jan 3): Malayan Banking Bhd said its group president and CEO Datuk Seri Abdul Farid Alias has indicated he will not be seeking a renewal of his contract when it expires on Aug 1.

In a statement, Maybank said Abdul Farid, who has held the position since Aug 2, 2013, has informed the group’s board of directors that he would like to pursue his own interests following conclusion of his third term as president and CEO.

“The board is currently undertaking a robust review and assessment process to identify a suitable replacement for Abdul Farid, which includes assessing internal and external candidates. The new appointee will be announced once we have submitted and obtained the necessary regulatory approvals for the appointment,” said Maybank chairman Tan Sri Zamzamzairani Mohd Isa.

To ensure a smooth leadership transition, Zamzamzairani said Abdul Farid will continue to oversee the management and operations of Maybank until the successor assumes the position.

“Although we are disappointed that Abdul Farid has decided not to renew his contract, the board respects his decision and on behalf of the group, I thank him for his remarkable contributions, service and commitment in building a forward looking organisation that has been ahead of many of its regional peers, especially on the digital and sustainability front,” he said.

Abdul Farid, 52, began his banking career in Aseambankers, a unit of the Maybank group, in January 1992, before broadening his experience with Schroders, Malaysia International Merchant Bankers, JP Morgan and Khazanah Nasional Bhd.

He rejoined Maybank in January 2009, holding several key business positions including as head of international business, and deputy president and head of global banking, before his appointment as president and CEO.

Maybank's share price closed up three sen or 0.36% at RM8.33 on Monday (Jan 3), giving the group a market capitalisation of RM98.95 billion.

Edited ByS Kanagaraju
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