KUALA LUMPUR (April 16): Datuk Abdul Rahman Ahmad will return to Permodalan Nasional Bhd (PNB) as its president and group chief executive effective July 1, 2024, the government-linked investment company said.

“The board of directors welcomes Abdul Rahman’s return to provide continuity and drive the execution of PNB’s recently developed Strategic Plan as well as help to deliver on PNB’s purpose of uplifting the financial lives of Malaysians across generations,” PNB said in a statement.

Abdul Rahman was president and group chief executive of PNB from 2016 to 2019.

He is currently group CEO of CIMB Group Holdings Bhd, a role he has served since 2020. In a separate statement on Tuesday, CIMB said Abdul Rahman will step down on June 30.

To facilitate the transition, Datuk Mohd Nasir Ahmad, who was originally due to retire in July 2024, will remain as chairman effective July 20 subject to regulatory approval, CIMB said in the statement.

“CIMB Group has a robust succession plan in place, which has been activated and the board will be announcing the new group CEO in due course, once regulatory approval is received,” CIMB said.

Under Abdul Rahman’s leadership, CIMB recorded strong growth in its financial performance, strengthened operating resiliency, accelerated its digital initiatives and raised the bar for sustainability, Mohd Nasir said in the statement.

The announcement confirms a report in the April 1-7 edition of The Edge weekly on his return to the company that manages some RM300 billion worth of assets after being persuaded by chairman Raja Tan Sri Arshad Raja Tun Uda.

Abdul Rahman and Raja Arshad worked together in the past in setting up and leading the state-controlled private equity firm Ekuiti Nasional Bhd back in 2009.

The Edge reported that Abdul Rahman’s role could likely be filled by Effendy Shahul Hamid, who is currently CEO of group consumer and digital banking at the country’s second largest lender by assets — a role he has held since January 2023.

Under Malaysian banking laws, the appointment of the chief executive officer or any director responsible for day-to-day management requires Bank Negara Malaysia approval.