Bursa Malaysia names MAA's Umar Swift to succeed Tajuddin Atan as CEO

KUALA LUMPUR: Datuk Muhamad Umar Swift will succeed Datuk Seri Tajuddin Atan as the CEO of Bursa Malaysia Bhd, effective Feb 11, 2019.

In a statement, the stock exchange operator said the Securities Commission had concurred with the appointment in accordance with Section 10 of the Capital Markets and Services Act 2007. 

"This decision by the Board of Directors was made following its implementation of a robust leadership succession plan, to ensure that the Exchange is best positioned to deliver on its value proposition to all stakeholders," it said.

Umar, who is currently the group CEO and group managing director of MAA Group Bhd, is a chartered accountant and has over 22 years of experience in the areas of banking and financial services.

In a separate filing with Bursa Malaysia today, MAA said Umar has tendered his resignation to take up the new appointment at Bursa Malaysia.

"I have full confidence that Datuk Umar will continue to provide great leadership to Bursa Malaysia and build on the transformational initiatives spearheaded by Datuk Seri Tajuddin, who has played a pivotal role in establishing the Exchange as a trusted partner and a venue for long-term wealth and value creation," said Bursa Malaysia chairman Tan Sri Amirsham A Aziz.

"The Board of Directors, management and staff of Bursa Malaysia look forward to working closely with Datuk Umar in his new role as CEO. 

"His experience will bring a refreshed perspective for Bursa Malaysia and I am confident that he will continue to spearhead the Exchange towards its next phase of accelerated growth of becoming a leading, responsible and globally-connected ASEAN Marketplace.”

According to Bursa, outgoing CEO Tajuddin was given the mandate to create a vibrant capital market upon his appointment in 2011.

"Under his leadership, he implemented strategic initiatives that has transformed the Exchange into a national institution that has delivered a robust, dynamic and efficient capital market. 

"As a company, Bursa Malaysia has also continued to showcase a strong and sustainable business performance, evidenced by positive financial results.

"Against a backdrop of a challenging global environment in 2018, Bursa Malaysia had recently announced its highest ever nine-month operating revenue since listing in 2005."