Abdul Rahman Ahmad appointed president, chief executive of PNB

KUALA LUMPUR: Datuk Abdul Rahman Ahmad has been appointed the new president and group chief executive of Permodalan Nasional Bhd (PNB), effective July 1, 2024.

The announcement by Yayasan Pelaburan Bumiputera (YPB) comes shortly after CIMB Group Holdings Bhd's own press statement that Abdul Rahman will step down as the group's CEO, a role he has held for four years, on June 30, 2024.

This would be Abdul Rahman's second turn as president and group chief executive of PNB. He had formerly served in the same capacity from 2016 to 2019, where he was credited for driving PNB's strategic transformation.

In a statement, PNB's board of directors welcomed Abdul Rahman’s return "to provide continuity and drive the execution of the recently developed PNB’s Strategic Plan as well as help to deliver on PNB’s purpose of uplifting the financial lives of Malaysians across generations".

Meanwhile, CIMB said the group's succession plan has been activated with the new group CEO to be announced once regulatory approval is received.

“Datuk Abdul Rahman has done an excellent job, driving CIMB’s transformation under our Forward 23+ strategic plans and has been instrumental in putting CIMB on a solid footing as a leading focused Asean bank.

"Under Datuk Abdul Rahman’s leadership, the group recorded strong growth in financial performance, strengthened operating resiliency, accelerated its digital initiatives, raised the bar for sustainability, as well as helped instill a strong CIMB culture," said chairman Datuk Mohd Nasir Ahmad.

To facilitate the transition, Mohd Nasir, who was due to retire in July 2024 upon the completion of his nine-year tenure as a board director, will remain as group chairman.

He will be redesignated as non-independent non-executive director in accordance with good corporate governance, effective July 20, 2024, following approval from regulatory authorities.