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Megat Zaharuddin Stepping Down As Maybank Chairman

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KUALA LUMPUR: The chairman of Malayan Banking Bhd (Maybank) Tan Sri Megat Zaharuddin Megat Mohd will be stepping down with effect from March 31, 2017 after about 12 years with the board.

Maybank said on Thursday Datuk Mohaiyani Shamsudin, who has been on the board since August 2011, will succeed him as chairman. He has been the chairman of Maybank, the leading financial services institution in this region, since 2009.

“With this appointment, Mohaiyani will become the first woman to be appointed chairman of the main board of the country’s largest public listed company,” it said.

Mohaiyani is currently the chairman of Maybank Investment Bank Bhd, a position she has held since March 2016.
Megat Zaharuddin said 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 in the region.

“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.”

Maybank group president and CEO Datuk Abdul Farid Alias said the board and management were grateful to Megat Zaharuddin 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.”

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 was in the oil and gas industry for 31 years with the Royal Dutch Shell Group of Companies and was a regional business CEO and managing director, Shell Exploration and Production B.V. prior to his retirement in early 2004.

He was also the chairman of Maxis Communications Bhd 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 Bhd 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.

Commenting on Mohaiyani’s appointment as Maybank chairman, Farid said her new role augurs well for Maybank and will ensure continuity at the Board, given that she has been serving as a director of Maybank for over five years.

“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.

Mohaiyani was appointed a director of Maybank on Aug 22, 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 Bhd and Seagrott & Campbell Sdn Bhd before starting her own stockbroking company Mohaiyani Securities Sdn Bhd in 1985 and assumed the role of managing director.

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 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).

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