CIMB’s Abdul Rahman tipped to return to PNB

CIMB Group CEO Datuk Abdul Rahman Ahmad

PETALING JAYA: CIMB Group Holdings Bhd’s group chief executive officer (CEO) Datuk Abdul Rahman Ahmad has been tipped to return to Permodalan Nasional Bhd (PNB), according to sources.

This follows the announcement of the appointment of PNB president and group chief executive Ahmad Zulqarnain Onn as the new CEO of the Employees Provident Fund (EPF) last week.

Ahmad Zulqarnain, who succeeds Datuk Seri Amir Hamzah Azizan, will take up the position on Feb 19, 2024, according to the EPF.

Amir Hamzah, who has been the CEO of the EPF since March 1, 2021, stepped down from the post after being appointed as Second Finance Minister in Prime Minister Datuk Seri Anwar Ibrahim’s Cabinet.

PNB said Ahmad Zulqarnain would cease to be its president and group chief executive on Feb 16 and the new replacement will be announced in due course.

Ahmad Zulqarnain served as CEO of Danajamin Nasional and the deputy managing director of Khazanah Nasional Bhd prior to joining PNB.

He has a Bachelor’s Degree in Economics from Harvard University.

Ahmad Zulqarnain’s exit from PNB has led to sources saying the fund management company’s top post will likely be filled by Abdul Rahman, who was PNB president and group chief executive from 2016 to 2019.

Sources said Abdul Rahman’s possible return to PNB may pave the way for CIMB Group CEO of group consumer and digital banking, Effendy Shahul Hamid, taking over the banking group’s top post.

Effendy has held the post since Jan 1, 2023.

Abdul Rahman was appointed executive director and group CEO of CIMB and CEO of CIMB Bank Bhd in June 10, 2020.

With more than 20 years of leadership experience across multiple industries, Abdul Rahman held CEO positions in well-established organisations such as Malaysian Resources Corp Bhd, Media Prima Bhd, Ekuiti Nasional Bhd and PNB.

Prior to joining CIMB, Abdul Rahman was with Sime Darby Bhd and Velesto Energy Bhd as non-executive non-independent chairman.

Moreover, Abdul Rahman is currently a council member of the Asian Institute of Chartered Bankers, Malaysia International Islamic Financial Centre Leadership Council and a panel member of Kumpulan Wang Amanah Negara, Malaysia’s natural resource fund managed by Bank Negara.

Besides being a member of the Association of Banks in Malaysia, he is also a committee member of the Joint Committee on Climate Change.

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