Business

Friday July 3, 2009

Ex-RHB Cap chief tipped to helm EON Bank

By YAP LENG KUEN


PETALING JAYA: Former RHB Capital Bhd group managing director Michael Barrett is tipped to take the helm at EON Bank group. Sources indicated that Barrett had been identified to take over the post of CEO which has been left vacant since the retirement of Albert Lau at end-March.

“The search by international search firm Egon Zehnder International, which was tasked by EON Bank to look for its new CEO, is expected to be ending soon,’’ a source told StarBiz. The bank has said it is searching for an individual with dynamic leadership skills who could effectively implement the bank’s growth strategy to increase its market share.

It is believed that the proposed appointment is awaiting Bank Negara approval.

During the transition period, Michael Lor was appointed acting CEO of EON Bank, while the board also established an advisory committee which is responsible for driving the overall strategic direction of the group.

Lor is currently head of consumer banking at EON Bank. Before joining EON Bank in February last year, he was executive vice-president and head of consumer banking at RHB Bank.

Barrett, who retired from the RHB banking group on June 30, was appointed CEO of RHB Bank in 2005. He was subsequently appointed group managing director in October 2007.

During his four-year tenure at RHB Bank, Barrett had implemented a new organisational and management model with operational platform improvements using performance and talent management to focus on retail, corporate and investment and international growth.

While at RHB, Barrett was chairman of the Malaysian Electronic Payment System (1997) Sdn Bhd and a board member of the Association Banks of Malaysia, Labuan Financial Park and Institute of Bankers Malaysia.

Barrett, 58, has banking experience spanning over 30 years with Chase Manhattan Bank where his last position was CEO and president. During his tenure as CEO/president, he was responsible for managing the US$42bil national consumer credit and wholesale bank based in Newark, Delaware, the United States.


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