KUALA LUMPUR (June 4): CIMB Group Holdings Bhd (KL:CIMB) has appointed Novan Amirudin as its new group chief executive officer (CEO), effective July 1, 2024, the banking group said in a statement on Tuesday.

The new appointment follows the departure of Datuk Abdul Rahman Ahmad on June 30, 2024, who will be leaving the banking group to take over the role of group chief executive at Permodalan Nasional Bhd (PNB).

Novan is currently co-CEO of group wholesale banking as well as CEO of CIMB Investment Bank Bhd, positions he held since about a year ago.

"Since joining CIMB in 2022, Novan has transformed group wholesale banking, which is the largest business within CIMB, and implemented a new operating model to simplify, de-layer and specialise to sharpen its focus and execution.

"Under his leadership, CIMB has also reclaimed its position as Malaysia's number one investment bank by share of wallet and led the group's reentry into the public equities business, through the acquisition and re-launch of CIMB Securities," CIMB said in the statement.

Prior to joining CIMB, Novan had been with JPMorgan for almost 16 years, with his last position being head of equity capital markets, Southeast Asia, and head of investment banking, Malaysia.

"I am pleased to welcome Novan Amirudin as group CEO of CIMB. He is an experienced banker who has excelled in strategic leadership and demonstrated a strong track record in organisational transformation and driving results. Novan’s appointment will also provide continuity of strategy and execution, leveraging on the strong platform built on the success and achievements of CIMB’s Forward23+ Strategic Plan," said CIMB chairman Datuk Mohd Nasir Ahmad.

Alongside the appointment of its new CEO, CIMB Group also announced that Gurdip Singh Sidhu has been appointed CEO of CIMB Bank and Malaysia. Gurdip is currently CIMB's group chief operating and people officer.

With the new role, CIMB said Gurdip will be primarily responsible for the day-to-day management of CIMB’s home market and core operating geography.

"The appointments of the new leadership team are a positive reflection of the group’s robust succession planning that are in place. The board is confident that under the new leadership, CIMB will be able to compete strongly and deliver on targets set under the Forward23+ Strategic Plan, which is in its final year, as well as help develop and execute our next phase of Beyond F23+ strategy to further create shareholder value and meet stakeholders’ expectations amidst a rapidly evolving regional banking landscape," Nasir added.

CIMB shares closed up 15 sen or 2.19% to RM6.99 on Tuesday, valuing the banking group at RM74.68 billion.