Nasir Replaces Nazir as CIMB Group Chairman

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CIMB Group has received Bank Negara Malaysia’s approval for Mohd Nasir Ahmad to be appointed as its group chairman, effective today (Oct 20).

Nasir takes over from Nazir Razak, who stepped down yesterday.

CIMB, in a statement, said Nasir has been a member of the group’s board of directors since 2015, and senior independent director since April 2016.


“He is familiar with the group’s business, and is well known to CIMB’s internal and external stakeholders.

“As part of this appointment, Nasir will relinquish his positions as senior independent director and chairman of the audit committee.

“He will remain a member of the board’s audit committee, risk committee, and group nomination and remuneration committee.”

Nazir had, on September 24, announced his intention to retire from the post of group chairman, as well as all other positions in CIMB’s group of companies.

“Congratulations to Nasir whom I have known since the early 1990’s and greatly respect. I am delighted that following the 24 Sept announcement of my intention to retire, the board has been able to appoint my successor quickly from within the group board, and someone capable of taking over immediately.

“I am, therefore, relinquishing all my positions in the CIMB Group with effect from today. Naturally, I will make myself available to assist the new chairman in any way to ensure a smooth transition,” Nazir said in the statement yesterday.

Nazir had served CIMB for 29 years, since 1989, including as its Group CEO for 15 years and as its Group Chairman since 2014.

Group CEO Tengku Zafrul Aziz said: “On behalf of the management, we would like to congratulate and welcome Nasir as the chairman of CIMB Group. We look forward to being guided by him as we start executing our next mid-term growth plan in 2019, which will focus on, among others, our people, customers, digital and sustainability.”

“I would also like to record my personal gratitude to Nazir, whose strong passion for excellence has become part of CIMB’s culture, and whose legacy will continue to be reaffirmed in all CIMB’s future successes,” Zafrul added.

A chartered accountant by training and a fellow of the Association of Chartered Certified Accountants, UK, Nasir, 64, is also a council member of the ACCA Global Council.

He has 39 years of corporate experience through companies such as Tenaga Nasional Bhd, including in CEO positions at Syarikat Permodalan Kebangsaan Bhd and Perbadanan Usahawan Nasional Bhd. He is the group chairman of Media Prima Bhd, as well as an independent director of CIMB Bank Bhd, SIRIM Bhd and Sistem Televisyen Malaysia Bhd, said CIMB.