End of an Era: Nazir Razak steps down.

Nazir Razak announced his departure from his position as the Chairman of the CIMB Group Holdings Bhd and all other positions within the group by Dec 31,2018.

Having served CIMB for 29 years, the brother of former prime minister Najib Razak said in an Instagram post the board will soon activate its succession plan to decide on the next chairman and the exact date of the handover.

In the coming weeks, the Chairman will be focused on the completion of T18, the finalisation of the group’s new strategic blueprint as well as the smooth handover of the chairmanship to his successor.

Bloomberg reports that Nazir may go on to focus on a private equity fund known as Ikhlas Capital he set up recently with several well-known figures on a regional fund that would seek to raise as much as $1 billion which he had confirmed his interest in the private equity project in an interview with Bloomberg in December.

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