Tuesday November 4, 2008

A younger top team at Maybank

Maybank CEO replaces ‘old hands’ in senior management

PETALING JAYA: It’s a younger senior management team at Malayan Banking Bhd (Maybank) group following new appointments made by chief executive Datuk Seri Abdul Wahid Omar on Friday.

“In the previous senior management team, almost everyone was over 50 (years old). In this team, almost everyone is below 49,” observed an analyst.

Wahid, 44, was appointed Maybank CEO on May 1. His team comprises “old hands” of Maybank and outside talent.

Khairussaleh Ramli, 41, was appointed chief financial officer (CFO) from Nov 1. Previously, he was CFO of Bursa Malaysia Bhd and he had also served under Wahid at Telekom Malaysia Bhd (TM) as chief strategy officer. Wahid joined the bank from TM where he was its CEO.

While observers noted that Wahid brought “his key man” over from TM, he would naturally appoint someone he knows he can work well with.

Wahid would also have known Khairussaleh when the latter was with Bursa as Wahid is also a director of Bursa. Khairussaleh is usually associated with Bursa where he was CFO for many years.

“Bursa is a large listed company and is known for good corporate governance,” the analyst said.

Khairussaleh replaced Datuk Aminuddin Md Desa, 46, who moved back to Mayban Fortis Holdings, the group’s insurance division, as CEO.

Mayban Fortis has not had a CEO after Aminuddin left the division to become Maybank CFO earlier this year. During that time, the division was headed by an acting CEO.

This is an important division for the group, being one of the largest insurers in the country, which Maybank has aimed to develop into the country’s largest.

The appointment of Rashdan Yusof, 38, as CEO of Aseambankers was not a surprise as it is believed Maybank had proposed his appointment to Bank Negara for approval soon after the bank acquired BinaFikir Sdn Bhd.

Rashdan, also known as Danny, was a co-founder of BinaFikir, a boutique financial advisory firm. He holds a double-first class honours degree in economics from Cambridge University.

The other co-founder of the firm was Tan Sri Azman Mokhtar who is now CEO of Khazanah Nasional Bhd.

Among the internal management movements, Lim Hong Tat, 49, the head of international operations, was re-designated as head of consumer banking.

An “old staffer” of Maybank, Lim has a retail banking background, having served in the group’s credit card division, and its retail bank in the Philippines.

He took over from Spencer Lee, 57, who was appointed adviser to Wahid. Lee is also an “old hand” in Maybank.

A replacement for Lim as head of international operations was not mentioned in the announcement, and it is expected the appointment would be made soon.

This is also an important position as the group has invested heavily in Indonesia and Pakistan.

Tracy Ong, 47, the chief commercial officer at Aseambankers, took on the newly created role as head of corporate banking at Maybank.

MAYBANK :  [Stock Watch]  [News]

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