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Tan Sri Megat Zaharuddin to step down as Chairman of Maybank

02 March 2017

4 min read

-  Datuk Mohaiyani Shamsudin appointed new Chairman

Maybank Chairman Tan Sri Dato’ Megat Zaharuddin bin Megat Mohd Nor today announced that he will be stepping down as a member of the Board of Directors of Maybank on 31 March 2017, after about twelve years on the Board, with the last seven and a half years as Chairman.

Datuk Mohaiyani binti Shamsudin, who has been on the Board since August 2011 will succeed him as Chairman of Maybank. With this appointment, Datuk Mohaiyani will become the first woman to be appointed Chairman of the main board of the country's largest public listed company. Datuk Mohaiyani is currently the Chairman of Maybank Investment Bank Berhad, a position she has held since March 2016.

“It has been an honour and privilege to serve on the Board of Maybank – particularly as the Chairman since 2009, during which the Group has reinforced its position as a leading financial services institution in this region,” said Tan Sri Megat Zaharuddin. “I am confident that the Group will continue creating value in the years ahead, particularly in this fast changing operating landscape where differentiated service and innovation will be key drivers of success.”

“I leave the Group heartened that it has stronger capabilities to pursue its vision and I would like to thank my fellow Board members as well as the management and staff for their overwhelming support and commitment to strengthening the Maybank brand and reputation, and maintaining its stature as Malaysia's top public-listed company. I will treasure these memories, and am confident that Maybank will achieve even greater success in the years ahead through the teamwork and dedication of all its people in its various geographies around the world.”

In a tribute to Tan Sri Megat Zaharuddin, the Group President & CEO of Maybank, Datuk Abdul Farid Alias said, “The Board and Management are indeed grateful to Tan Sri Megat for his strong leadership of Maybank, especially over the last seven and a half years. He is a visionary leader who constantly challenged us to scale greater heights, and successfully steered the Group through some of the most challenging global economic situations.”

“On behalf of the 44,000 Maybankers in 20 countries worldwide, I would like to express our highest appreciation for his leadership, wise counsel and guidance over the years. We will cherish the experiences he shared with us as well as the privilege of working with him. We wish him every success and happiness in his future endeavours.”

Tan Sri Megat Zaharuddin was appointed as a Director and Chairman of Maybank on 1 October 2009. Prior to that, he was an Independent Non-Executive Director of Maybank from July 2004 to February 2009.

He built an outstanding career in the oil and gas industry for 31 years with the Royal Dutch Shell Group of Companies and was a Regional Business Chief Executive Officer and Managing Director, Shell Exploration and Production B.V. prior to his retirement in early 2004. He was also the Chairman of Maxis Communications Berhad from January 2004 to November 2007, Etiqa Insurance & Takaful from January 2006 until February 2009, Malaysian Rubber Board from February 2009 to May 2010, Maybank Investment Bank Berhad from January 2010 until March 2016, PADU (Education Performance and Delivery Unit) from August 2013 until September 2016, Director of Capital Market Development Fund from January 2004 to January 2010 and Director of Woodside Petroleum Ltd, a company listed on the Australian Securities Exchange, from December 2007 to April 2011.

Datuk Farid, meanwhile, also said that the appointment of Datuk Mohaiyani as Chairman augurs well for Maybank and will ensure continuity at the Board, given that she has been serving as a director of Maybank for over 5 years.

“Datuk Mohaiyani has had an impressive career and extensive experience not only in the financial services industry but also in public service. As a member of the current board, she will already have insights into all aspects of the Group and we are confident she will lead Maybank effectively as she takes up the new position,” he said.

Datuk Mohaiyani was appointed as a Director of Maybank on 22 August 2011. She also serves as a Board Committee member of the Credit Review Committee and Risk Management Committee.

She was with Amanah Chase Merchant Bank Berhad and Seagrott & Campbell Sdn Bhd before starting her own stockbroking company Mohaiyani Securities Sdn Bhd in 1985 and assumed the role of Managing Director. During her active involvement in the stockbroking industry, she was appointed as Deputy Chairman of Kuala Lumpur Stock Exchange (now known as Bursa Malaysia Bhd) and Chairman of Association of Stockbroking Companies Malaysia. She had also been appointed as a member of several high level national working groups such as National Economic Action Council (NEAC), National Economic Consultative Council II (MAPENII), National Information Technology Council (NITC), Ministry of Finance High Level Finance Committee for Corporate Governance and National Advisory Council for Women, Ministry of Women, Family and Community Development.

Her current directorships in companies within the Maybank Group include as Chairman of Maybank Investment Bank Berhad and Maybank Kim Eng Holdings Ltd. At present, she serves as a director of Capital Market Development Fund and Universiti Teknologi MARA (UiTM) as well a member and trustee of National Heart Institute Foundation, NUR Foundation, Perdana Leadership Foundation and National Council of Women's Organisations Malaysia (NCWO).