KUALA LUMPUR (Aug 3): Perbadanan Insurans Deposit Malaysia (PIDM) has appointed Rafiz Azuan Abdullah as its new chief executive officer (CEO) effective Aug 28 this year. Rafiz will succeed founding CEO Jean Pierre Sabourin, who will retire on Aug 27.

In a statement today, PIDM said Rafiz had served PIDM since 2007. He is now the executive general manager of PIDM, which manages Malaysia's bank deposit insurance scheme.

PIDM chairman Tan Sri Dr Abdul Samad Alias said in the statement: “I am pleased that the Minister of Finance, on the recommendation of the board of directors, has appointed Rafiz as CEO."

“His appointment is the culmination of our board-led CEO succession planning process which commenced in 2013. This process provides for a smooth leadership transition, which is the key to maintaining a strong management team,” Abdul Samad said.