CIMB's Nazir move sends shockwave through Malaysia

Nazir Razak will step down as CEO on September 1 but disruption is likely to be short-lived.
Nazir Razak (left)
Nazir Razak (left)

Nazir Razak’s move from chief executive of CIMB to chairman after 15 years sent shockwaves through the Malaysian market on Thursday but analysts expect disruption to be short-lived.

A replacement is expected before September 1 when Nazir steps down and speculation is rife in the Southeast Asian country as to who will fill his shoes.

“All of us were taken by surprise. The first concern is whether there would be any change or disruption to the company’s current plans but Nazir did say that he is going to oversee most of the operations anyway, not the day-to-day things but the overall strategy of the group,” a person...

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