Abdul Rahman returning to PNB as president


Datuk Abdul Rahman Ahmad.

PETALING JAYA: Datuk Abdul Rahman Ahmad will return as the new president and group chief executive officer of Permodalan Nasional Bhd (PNB) as he exits his role as group chief executive officer of CIMB Group Holdings Bhd, a year ahead of his contract expiring.

PNB said in a statement the appointment will be effective July 1, 2024.

Abdul Rahman had previously served as the president and group chief executive officer of PNB in 2016 until 2019 where he played a significant role in driving the group’s strategic transformation.

He brings with him more than 20 years of leadership experience from various renowned companies like Malaysian Resources Corp Bhd, Media Prima Bhd and Ekuiti Nasional Bhd.

Abdul Rahman was also the non-executive non-independent chairman of Sime Darby Bhd and Velesto Energy Bhd.

On his appointment, PNB’s board of directors said it welcomes his 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 Group said in a statement that Abdul Rahman will step down on June 30, 2024, after serving a tenure of four years from 2020.

It is noteworthy that Abdul Rahman’s contract had ended in June 2023 but it was extended for another two years to allow him oversee the completion of the Forward23+ strategic plan that runs until end-2024.

The Forward23+ plan was formulated in 2020 under the leadership of Abdul Rahman, who took charge as the CEO from June 10 of the same year.

CIMB, the second-largest banking group in Malaysia by assets, said that to facilitate the leadership transition, Datuk Mohd Nasir Ahmad will remain as group chairman and has been re-designated as non-independent non-executive director effective July 20, 2024.

Mohd Nasir said Abdul Rahman was imperative in driving forward CIMB’s transformation under the Forward 23+ strategic plans and has been instrumental in putting the bank on a solid footing as a leading focused Asean bank.

“Under Abdul Rahman’s leadership, the bank 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,” he said.

The bank has also hinted that Abdul Rahman’s role will be taken over internally as it pointed out in the statement that it has set out a robust succession plan which has already been activated.

CIMB said it will announce its new chief executive officer in time, once regulatory approvals have taken place.

“On behalf of the board I would like to thank Abdul Rahman for all his contributions to the group and we wish him well in his next role,” Mohd Nasir said.

CIMB’s share price fell by 1.52% or 10 sen to close at RM6.48 yesterday. A total of 43.16 million shares changed hands.

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