KINIBIZ Nazir Abdul Razak will step down as the group chief executive officer of the CIMB Group and assume the position of chairperson of the board effective Sept 1, 2014.

Calling the move a reconfiguration of its leadership structure, CIMB Group said that Nazir (left) will also take the helm of a soon-to-be-established executive committee of the board.

The committee will "focus on key strategic matters and enhance the board's oversight functions," said the bank’s statement.

This change comes as current chairperson of CIMB Group, Md Nor Yusof retires afrom the board. Nor Yusof will now join the group’s International Advisory Panel (IAP).

In commenting on his redesignation, Nazir said, "I am humbled by the confidence placed in me by the board and major stakeholders by supporting our leadership transition plan."

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