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KUALA LUMPUR: Malayan Banking Bhd (Maybank) group president and chief executive officer (CEO) Datuk Seri Abdul Farid Alias will step down from his position once his contract expires to pursue his own interests.
In a filing with Bursa Malaysia, the bank said Abdul Farid, who has held the position as group president and CEO since Aug 2, 2013, indicated that he would not seek a renewal of his contract following the conclusion of his third term.
The contract is set to expire on Aug 1, 2022.
To ensure a smooth leadership transition, Maybank chairman Tan Sri Zamzamzairani Mohd Isa said Abdul Farid would continue to oversee the management and operations of Maybank until the successor assumes the position.
“Although we are disappointed that Abdul Farid has decided not to renew his contract, the board respects his decision and on behalf of the group, I thank him for his remarkable contributions, service and commitment in building a forward looking organisation that has been ahead of many of its regional peers, especially on the digital and sustainability front,” he added.To ensure a smooth leadership transition, Maybank chairman Tan Sri Zamzamzairani Mohd Isa said Abdul Farid would continue to oversee the management and operations of Maybank until the successor assumes the position.
Abdul Farid began his banking career in Aseambankers, a subsidiary in the Maybank Group in January 1992 before broadening his experience with Schroders, Malaysia International Merchant Bankers, JP Morgan and Khazanah Nasional Bhd.
He re-joined Maybank in January 2009, holding several key business positions including as the head of international business and deputy president and head for global banking before his appointment as group president and CEO.
Moving forward, Zamzamzairani said the process to identify a new group president and CEO is underway, which is led by the nomination and remuneration committee of the board.
“The board is currently undertaking a robust review and assessment process to identify a suitable replacement for Abdul Farid, which includes assessing internal and external candidates.
“The new appointee will be announced once we have submitted and obtained the necessary regulatory approvals for the appointment,” he added.
In the nine months ended September 2021, Maybank registered a net profit of RM6.04bil, which represents a 22.16% year-on-year (y-o-y) increase from RM4.94bil a year earlier.