IN the name of transparency, Malayan Banking Bhd (Maybank) has avoided market speculation by announcing the intention of group president/CEO (GPCEO) to not seeking a renewal of his contract which is set to expire on Aug 1.
The only thing wanting is probably a decent succession plan but Malaysia’s largest bank by market capitalisation and total assets has a good eight months to find the right successor for Farid who has been at the helm since Aug 2, 2013.
Since informing the bank’s board of directors that he does not wish to pursue a third term to pursue his own interests, Maybank has commenced the process to identify a new GPCEO led by the board’s nomination and remuneration committee.
“The board is currently undertaking a robust review and assessment process to identify a suitable replacement for Farid which includes assessing internal and external candidates,” Maybank chairman Tan Sri Zamzamzairani Mohd Isa pointed out in a media statement.
“The new appointee will be announced once we have submitted and obtained the necessary regulatory approvals for the appointment.”
Zamzamzairani noted that Farid will continue to oversee the management and operations of Maybank until a successor assumes the position.
“Although we are disappointed that Abdul Farid has decided not to renew his contract, the board respects his decision and on behalf of the group, I thank him for his remarkable contributions, service and commitment in building a forward looking organisation that has been ahead of many of its regional peers, especially on the digital and sustainability front,” he added.
Farid, 53, began his banking career in Aseambankers, a subsidiary in the Maybank Group in January 1992 before broadening his experience with Schroders, Malaysia International Merchant Bankers, JP Morgan and Khazanah Nasional Bhd.
He re-joined Maybank in January 2009, holding several key business positions including as the head of international business and deputy president and head, global banking before his appointment as group CEO.
At the close of yesterday’s trading, Maybank was up 3 sen or 0.36% to RM8.33 with 1.6 million shares traded, thus valuing the bank at RM98.95 bil. – Jan 4, 2022
