KUALA LUMPUR (March 30): Affin Holdings Bhd has appointed Kamarul Ariffin Mohd Jamil as its new group chief executive, as well as managing director (MD) and chief executive officer (CEO) of Affin Bank Bhd, effective Wednesday (April 1).

He replaces Datuk Zulkiflee Abbas, 58, who is retiring. Zulkiflee has been holding the dual roles since January 2014.

In a statement today, Affin Holdings (fundamental: 1.1; valuation: 2.1) said it has obtained Bank Negara Malaysia’s approval for the appointment of Kamarul Ariffin to helm the group.

"Kamarul Ariffin, together with the board of directors and management, would provide effective oversight and ensure robust risk management on a group-wide basis," said the group.

Kamarul Ariffin, 46, brings with him more than 20 years of experience in the corporate arena. He was previously the CEO of Affin Islamic Bank Bhd, rising through the ranks since he joined Affin Bank as the head of corporate strategy in 2003.
 
Prior to Affin Bank, Kamarul Ariffin held leadership positions in Pengurusan Danaharta Nasional Bhd, Trenergy Malaysia Bhd and Shell Malaysia Trading Sdn Bhd.
 
“We have always understood the importance of succession planning at Affin Holdings and are glad to be able to promote from within our ranks. As the new group CEO of Affin Holdings and MD/CEO of Affin Bank, Kamarul will continue to have the strong support and backing of experienced senior management team in the group, which is still intact,” said Affin Holdings chairman Tan Sri Mohd Zahidi Zainuddin in the statement.

He added that an application has been made to Bank Negara, pertaining to Kamarul Ariffin’s successor as CEO of Affin Islamic Bhd.

(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.)