CIMB names former SC top executive Syed Zaid Albar as new group chairman

KUALA LUMPUR: CIMB Group Holdings Bhd has appointed former head of the Securities Commission Datuk Syed Zaid Albar as the group chairman effective from July 20.
He will succeed Tan Sri Mohd Nasir Ahmad, who will retire from the board on July 19 after serving CIMB for 10 years since 2015, including as group chairman since 2018.
In line with the transition, Datuk Syed Zaid will be appointed as an independent non-executive director effective from June 18.
Mohd Nasir Ahmad said Syed Zaid's leadership and extensive corporate experience across legal industry, financial and regulatory landscape will bring valuable perspective in guiding CIMB through its next chapter of growth and transformation.
"We are confident that his stewardship will provide strong guidance in driving the success of the Group's Forward30 strategic plan," he said in a statement.
Syed Zaid is a lawyer with four decades of experience across a broad range of practice areas, with a strong focus on financial services and corporate advisory.
As one of the founding partners of Albar & Partners, he has established himself in Malaysia's capital market and legal landscape, particularly in debt and equity finance, including Islamic finance.
His significant contributions have earned him multiple recognitions for his involvement in notable capital market transactions.
Syed Zaid stepped away from legal practice in 2018 to assume the role of executive chairman of the SC, a position he held until mid-2022.
During his tenure at the SC, Syed Zaid played a key role in strengthening the governance, regulatory oversight and the development of Malaysia's capital markets, both domestically and internationally.
He rejoined Albar & Partners in early 2023 as a senior partner, taking on an advisory role and professional development.
Syed Zaid previously served the boards of numerous public listed companies, including Yinson Holdings Bhd, Cycle & Carriage Bintang Bhd, Malaysian Pacific Industries Bhd and Malaysia Building Society Bhd.
CIMB group chief executive officer Datuk Novan Amirudin said it looks forward to Syed Zaid's guidance as it executes Forward30 strategic plan over the next six years, which is anchored on its purpose of advancing customers and society.
"Our goal is to be the top-of-mind Asean bank, reimagining banking by embedding ourselves into our customers lives and keeping our customers at the heart of everything we do.
"I would like to extend our deepest appreciation to Mohd Nasir for his exemplary leadership and invaluable contributions over the past decade.

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