PETALING JAYA - Malayan Banking Bhd (Maybank) is in a flux after two of its chief executive officers (CEOs) of key subsidiaries resigned in quick succession, raising questions over succession planning at the country's largest bank.
Maybank announced yesterday that Tengku Datuk Zafrul Tengku Abdul Aziz had quit as CEO of Maybank Investment Bank Bhd (Maybank IB), his departure coming just weeks after Datuk Khairussaleh Ramli had resigned as president director of PT Bank Internasional Indonesia on Sept 4.
Following Tengku Zafrul out of the door at Maybank IB are chief strategy officer Nazri Rahim and director of special projects Luanne Sieh.
The departure of both Khairussaleh and Tengku Zafrul would mean that two of the bank's key business divisions were now facing a leadership shake-up, and speculation is rife that several others would follow suit.
Tan Sri Megat Zaharuddin Megat Mohd Nor, the chairman of MayBank IB, confirmed that Tengku Zafrul had resigned and named John Chong, who is currently deputy CEO of Maybank IB and the head of investment banking and advisory for its Malaysia operations, as the interim officer-in-charge of Maybank IB and Maybank Kim Eng.
While Maybank now has to scout around for a new head for its investment banking unit, its rival CIMB Group Holdings Bhd has been quick to get Tengku Zafrul to fill in the vacancy left by Datuk Charon Wardini Mokhzani as CIMB Group deputy CEO, investment banking, and CEO of CIMB Investment Bank Bhd. An announcement on his appointment is expected.