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Datuk Seri Nazir Tun Razak steps down as CIMB Chairman

CIMB announced on Monday, September 24, the decision of their chairman, Datuk Seri Nazir Tun Razak to retire after 29 years of service.

Datuk Seri Nazir Tun Razak joined the corporate advisory department of Commerce International Merchant Banker Berhad now known as CIMB Investment Bank Berhad in 1989 and became the Executive Director of the company in 1993. After moving back to CIMB Investment Bank of Berhad as Deputy Chief Executive, he then became the CIMB Group Chief Executive on June 1, 1999.

During his tenure as Group Chief Executive Officer, he was recognized as top Executive or CEO on several occasions. He sits on various CIMB Group subsidiaries also a Chairman of the World Economic Forum’s ASEAN Regional Strategy Group.

Nazir, who was 51 years old, whose term was supposed to end on August of 2019 decided to leave CIMB and said that it would be proper for him to leave the company on completion of CIMB target 18. Finding the right timing for him to leave was hard – “not too soon, not too late” he further added.

CIMB became a top Malaysian investment bank from just being a corporate finance and now a universal bank in ASEAN. None of this would be possible without Nizar’s superior leadership.

Amidst all his accomplishments, a scandal that happened April of 2016 stained his career wherein he was accused of illegally transferring money to his brothers account that was used in the general election in 2013.

Nazir also said before that he was willing to exit the company if the board and shareholders of CIMB would agree to. His resignation will be effective Dec. 31, 2018.