Nazir to Step Down as CIMB Chairman by Year’s End

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Served the group for 29 years, including 15 years as CEO.

Datuk Seri Nazir Razak will step down from his post as CIMB Group’s chairman by December 31, 2018, the banking group announced today.

“The sun is setting on my time in CIMB. Over the last 29 years, I have had the privilege of a front-row seat on the amazing CIMB journey from fledging corporate finance franchise to leading Malaysian investment bank to an Asean universal bank.

Nazir Razak/Instagram

“Thank you CIMB,” Nazir wrote on Instagram along with a picture of him at sunset.

The CIMB board of directors will now activate its succession plan to decide on the next chairman and the exact date of handover, the bank said in a statement this evening.

“It was always going to be hard to find the perfect moment for me to leave CIMB – not too soon, not too late – but always with the firm’s best interest in mind,” Nazir said.

Nazir, who is the brother of ousted prime minister Datuk Seri Najib Razak, has been CIMB’s chairperson since 2014. He has worked at the bank for 29 years, including 15 as chief executive.