Tengku Zafrul Resigns as CIMB Group CEO to Take on Role Of Malaysia’s Finance Minister

Tengku Zafrul Resigns as CIMB Group CEO to Take on Role Of Malaysia’s Finance Minister

by March 9, 2020

CIMB today announced that Tengku Dato’ Sri Zafrul has resigned as its Group CEO and CEO of CIMB Bank Berhad with immediate effect.

This announcement came shortly after Tan Sri Dato Haji Muhyiddin Yassin announced Malaysia’s Cabinet line-up which included Tengku Dato’ Sri Zafrul as the Minister of Finance.

Tengku Dato’ Sri Zafrul has also resigned from all other board positions on the same date. The Chairman of CIMB Group Holdings Berhad, Datuk Mohd Nasir Ahmad said,

“Tengku Zafrul has served the Group for six years, when he re-joined in 2014. He has done an outstanding job, shaping CIMB’s transformation under our T18 and Forward23 strategic plans. His energy and commitment to CIMB will be difficult to match but he leaves behind a better organization with a stronger footing where he has united and instilled a strong CIMB culture. On behalf of the Board I would like to thank Tengku Zafrul for all his contributions to the Group and wish him well in his next role.”

The CIMB Group Board (“the Board”) has appointed Omar Siddiq, currently the Group Chief Operating Officer, as Officer-in-Charge for CIMB Group and CIMB Bank Berhad, with immediate effect. The Board has begun its succession plan.

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