CIMB shares down after Nazir Razak resigns as CEO

KUALA LUMPUR: Shares of CIMB Group Holdings Bhd fell at mid-morning on Friday as Datuk Seri Nazir Razak relinquished his position as group chief executive officer.

At 10.56am, CIMB fell 11 sen to RM7.19 with some 3.57 million shares done between the prices of RM7.17 and RM7.29.

The FBM KLCI was up 0.14 of a point to 1,888.83. Turnover was 644.89 million shares valued at RM447.79mil. There were 362 gainers, 264 decliners and 303 counters unchanged.

CIMB said Nazir will take over as the bank’s chairman effective Sept 1 in a leadership transition plan announced by the bank on Thursday.

At the age of 48, Nazir will be one of the youngest chairmen of a leading financial institution in the region.

CIMB Bank said in a statement that a new group CEO would be announced once regulatory approvals had been obtained.

Nazir said that after having served as group chief executive for 15 years, he felt that it was time for someone with fresh thinking and energy to lead the management team of the bank.