KUALA LUMPUR: RHB Capital Bhd (RHBCap), the country’s fourth largest lender by assets, said its group managing director Kellee Kam Chee Khiong has tendered his resignation, confirming The Edge Financial Daily’s (TEFD) report yesterday.

It added that Kam will remain in his current post until the end of the transition period, the date of which will be announced later.

RHBCap (fundamental: 1.5; valuation: 2.1) also allayed succession concerns.

“The group has a succession plan in place and will execute a transition plan for a smooth handover of responsibilities to his potential successor. The transition plan will enable seamless continuity of the group’s strategic approach,” said RHBCap in a filing with Bursa Malaysia yesterday.

“This will ensure continued management of the group’s business and operations as well as uninterrupted service to our customers,” it added.

In an internal memo to RHBCap management and staff seen by TEFD, its chairman Datuk Mohamed Khadar Merican said Kam’s departure was due to him “pursuing his other goals”.

“The board has put in place a transition plan and will ensure a smooth handover by Kam to his potential succesor. The transition plan will enable a seamless continuity of the group’s strategic approach towards achieving our aspirations of being a leading multinational financial services group in the region,” he added.

Kam’s resignation follows the unexpected resignation of AMMB Holdings Bhd (AmBank Group) group managing director Ashok Ramamurthy recently, who will be stepping down from his post in due course.

This article first appeared in The Edge Financial Daily, on February 13, 2015.