Wednesday September 9, 2009

Maybank appoints Megat Zaharuddin as chairman

PETALING JAYA: Malayan Banking Bhd (Maybank) has apppointed Tan Sri Megat Zaharuddin Megat Mohd Nor chairman, effective Oct 1.

In a statement yesterday, the banking group said current chairman Tan Sri Mohamed Basir Ahmad would not seek reappointment at the AGM on Sept 30.

Tan Sri Megat Zaharuddin: »I am honoured to have been given the previlege to lead the Maybank board for the past 16 years «

“As such, he will retire upon the conclusion of the AGM,” it said.

Megat Zaharuddin, 60, served on the Maybank board as an independent, non-executive director from July 2004 until February this year. He served as chairman of the Remuneration and Establishment Committee of the board and was a member of the Nomination Committee.

He holds a Bachelor of Science (Hons) in Mining Engineering from Imperial College of Science & Technology, University of London, and is also an associate of the Royal School of Mines, UK.

Megat Zaharuddin enjoyed an outstanding career in the oil and gas industry for over 30 years and was regional business CEO/managing director of Shell Exploration and Production International BV (Netherlands) prior to his retirement from Shell in January 2004.

His career in Shell included over 16 years of international stints in Brunei, Britain, the Netherlands and Turkey.

He was also chairman of Maxis Communications Bhd from January 2004 until November 2007.

Currently, he is chairman of the Malaysian Rubber Board, director of the Capital Market Development Fund and the International Centre for Leadership in Finance.

Basir, 71, joined Maybank as a director in 1993 following his retirement as adviser in Bank Negara.

He was appointed chairman on Oct 9, 1993.

He also served as chairman of a number of companies in the Maybank group, including Mayban Fortis Holdings Bhd, Maybank Investment Bank Bhd, Bank Internasional Indonesia, PT Bank Maybank Indocorp and Maybank Philippines Inc. In addition, he is a charter member of the Visa Asia Pacific Advisory Council.

“I am honoured to have been given the privilege to lead the Maybank board for the past 16 years, a period during which the group carved an illustrious record of performance and achievement as the country’s leading financial services group,” Basir said.

“As I hand over the reins to Tan Sri Megat Zaharuddin, who is no stranger to our board, I am rest assured that the group will be in very good hands under his able leadership and wide experience.”

During Basir’s tenure as chairman, the Maybank group saw its assets grow from RM56bil to RM311bil as at June 30 while group profit before tax more than quadrupled since 1993.

Basir holds a Bachelor of Arts from Universiti Malaya. He is also a Fellow of the Malaysian Institute of Bankers and completed the Advance Management Program at Harvard Business School in 1978.

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