Zaharrudin to replace retiring Ahmad as Maybank chair

Maybank Chairman Tan Sri Mohamed Basir bin Ahmad will not seek reappointment at the forthcoming Annual General Meeting on 30 September and will retire. Maybank has obtained the approval of Bank Negara Malaysia to appoint Tan Sri Megat Zaharuddin Megat Mohd Nor as the new Chairman of Maybank effective 1 October 2009.

Tan Sri Mohamed Basir, 71, joined Maybank as a Director on 5 August 1993 following his retirement as Adviser in Bank Negara Malaysia. He was appointed as Chairman on 9 October 1993. He also served as Chairman of a number of companies in the Maybank Group, including Mayban Fortis Holdings Bhd, Maybank Investment Bank Berhad, Bank Internasional Indonesia, PT Bank Maybank Indocorp and Maybank Philippines Inc. In addition, he is a charter member of the Visa Asia Pacific Advisory Council.

During Tan Sri Mohamed Basir's tenure as Chairman, Maybank Group saw its assets grow from RM56 billion to RM311 billion as at 30 June 2009 while Group profit before tax more than quadrupled since 1993.

Tan Sri Megat Zaharuddin, 60, served on the Maybank Board as an independent, non-executive director from July 2004 until February 2009. He served as Chairman of the Remuneration and Establishment Committee of the Board and was a member of the Nomination Committee of the Board.

He built an outstanding career in the oil and gas industry for over 30 years and was Regional Business CEO/Managing Director of Shell Exploration and Production International B.V (Netherlands) prior to his retirement from Shell in January 2004. He was also Chairman of Maxis Communications Berhad from January 2004 until November 2007. He is currently the Chairman of the Malaysian Rubber Board, Director of the Capital Market Development Fund and the International Centre for Leadership in Finance.