Zamzamzairani to be appointed Maybank chairman — sources

KUALA LUMPUR (Sept 14): Tan Sri Zamzamzairani Mohd Isa will take over from Datuk Mohaiyani Shamsudin as the chairman of Malayan Banking Bhd (Maybank), sources told theedgemarkets.com.

This follows a story by The Edge Malaysia weekly last month that Zamzamzairani was understood to be a candidate to take over the post following Mohaiyani’s retirement from the position after more than three years at the helm.

Quoting sources, the article, which appeared in the weekly’s Aug 10 to 16, 2020 issue, reported that Mohaiyani will be retiring after nine years on the bank’s board and there was already much speculation as to who will take over her spot in the country’s largest banking group.

“Mohaiyani, 71, who has been the group’s chairman for just over three years (she was appointed to the role on April 1, 2017), will have completed nine years on the bank’s board come Aug 22. She was an independent director of the bank prior to being made the chairman.

“Sources said she is choosing to leave after the nine years as a matter of good corporate governance. It is understood that, technically, there is no regulation requiring her to leave as corporate governance rules dictate only that an independent director should not exceed a cumulative term of nine years, whereas Mohaiyani had been an independent director for less than six years — from August 2011 to March 2017. As the chairman, she was a non-independent non-executive director by virtue of being a nominee of the bank’s largest shareholder, Permodalan Nasional Bhd (PNB),” the weekly reported.

It was reported, citing sources, that the board had yet to firm up a date for her retirement but it is likely that she may leave before year end. Mohaiyani is Maybank Group’s first-ever female chairman, according to the report.

Meanwhile, all eyes are on who will take over the chairmanship from Mohaiyani, the weekly reported.

“According to several sources, the group’s internal candidate is Dr Hasnita Hashim. She has been an independent director of Maybank since July 2016 and is also the chairman of Maybank Asset Management Sdn Bhd.

“Other sources said the role is likely to fall to an external candidate. Zamzamzairani, who retired as the chairman of UEM Sunrise Bhd last month (July 2020), is said to be a candidate,” the weekly reported.

As at the time of writing today, Maybank had not issued a statement in response to this theedgemarkets.com report.

On Bursa Malaysia today, Maybank’s share price had fallen 12 sen or 1.61% to RM7.33 at 10.21am, giving it a market capitalisation of RM83.75 billion.

The bank saw about 900,000 shares traded.

Source: TheEdgeMarkets