KUALA LUMPUR (Nov 22): Bursa Malaysia has announced the departure of three top executives following a revamp of its organisational and leadership structure.

The three top executives who will leave upon the expiry of their current fixed term contracts are chief commercial officer Selvarany Rasiah, chief operating officer Datin Azalina Adham, and chief regulatory officer Yew Yee Tee, according to the exchange’s statement.

This confirms The Edge Financial Daily’s article entitled 'SC and Bursa to see top management changes' which reported on the expected departure of the executives from the exchange.

Bursa explained that they will be leaving Bursa Malaysia following the expiry of their current fixed term contracts.

Under the revamp, the roles of the chief commercial officer and chief operating officer will be phased out, resulting in a flatter management structure.

Bursa said the guiding principle behind the organisational restructuring is aimed at accelerating growth in critical areas, promoting agility to foster greater cross-functional collaboration as well as strengthening the governance arrangement within the Exchange Group.

The existing business leadership team will report directly to the Chief Executive Officer (CEO) and provide the CEO with a wider span of direct management and oversight of the business functions of the Exchange Group, said Bursa.

Additionally, a new CEO Regulation position is established to lead the regulatory leadership team in driving the frontline regulatory functions of the Exchange, it added.

“The organisational restructuring will make Bursa Malaysia into a more agile and efficient organisation, better able to meet the changing needs of customers and stakeholders in a fast-evolving global market,” said the stock exchange’s CEO Datuk Muhamad Umar Swift.

Bursa also confirmed the report by The Edge Financial Daily that its director of corporate strategy Dr Tan Wei Lin will be leaving after the end of her contract to pursue other endeavours.

“On behalf of the board and management of Bursa Malaysia, I would like to thank our colleagues for the support and contributions during their tenure with the organisation,” Umar added.

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SC and Bursa to see top management changes