Joel Kornreich is AFG's new CEO

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KUALA LUMPUR (Apr 1): Alliance Financial Group Bhd (AFG) has appointed Joel Kornreich, 49, as its new chief executive officer (CEO), effective today. 

Prior to joining Alliance Financial Group (fundamental: 1.5; valuation: 2.2), Kornreich, a Belgian, was with Citigroup for 20 years in various roles in different countries.

Kornreich’s last position was as the country business manager of Citibank global consumer group, South Korea, according to a filing with Bursa Malaysia this evening. 

AFG said Kornreich, who is also the group CEO of Alliance Bank Malaysia Bhd, a wholly owned subsidiary of the AFG, has over 23 years of experience in the financial services industry.

The CEO post in AFG has been left vacant ever since Sng Seow Wah, a Singaporean, vacated the position on Oct 4 last year. Sng had, on June 5 that year, unexpectedly resigned from AFG.

At the time, AFG said Sng had decided not to renew his employment contract with the bank, which ended on July 4, as he had to attend to important family matters in his home country.

AFG closed at RM4.75 today, down 4 sen or 0.84%, with a market capitalisation of RM7.35 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.)