KUALA LUMPUR (Jan 17): CIMB Group Holdings Bhd (KL:CIMB) on Friday announced a restructuring of its senior leadership team, marked by the departure of key executive Effendy Shahul Hamid and the decoupling of its consumer and digital banking business. The changes, to take effect on Feb 1, aims to sharpen focus on strategic business areas and ensure operational efficiency.

Effendy Shahul, the chief executive officer of group consumer and digital banking, is stepping down to pursue other interests. He will remain adviser to the group CEO until the end of June this year to facilitate a smooth leadership transition. 

During this period, he will also be relinquishing his positions on the boards of CIMB Group companies, including as chairman of TNG Digital, and as a board member in Touch 'n Go Sdn Bhd and CIMB Vietnam.

In a statement, CIMB group CEO Novan Amirudin acknowledged Effendy's significant contributions in the 20 years he has spent with the group, particularly in turning around the group's commercial bank and building its digital business portfolio. He was also credited with driving the nation’s cashless agenda and establishing the Touch ‘n Go eWallet joint venture with Ant Group.

The reorganisation also sees the separation of the group's consumer and digital banking business into two distinct units, with Haniz Nazlan, previously CIMB's group chief strategy officer, assuming the role of CEO for consumer banking. Haniz has over 18 years of experience in corporate strategy and asset management, having held leadership positions at Permodalan Nasional Bhd and Lembaga Tabung Angkatan Tentera, said CIMB.

Gurdip Singh Sidhu, currently CEO of CIMB Malaysia and CIMB Bank Bhd, will now also oversee CIMB’s digital business, including Touch ‘n Go, TNG Digital, CIMB Philippines and CIMB Vietnam. Having spent the last 18 years at CIMB, the group believes Gurdip will be able to drive its Malaysian franchise as well as the group's digital assets to the next level.

Meanwhile, Khairul Rifaie, currently CIMB's group chief financial officer, will have his role expanded to that of group chief financial and strategy offficer, to lead and drive the development and execution of CIMB’s new strategic roadmap.

CIMB is also appointing Victor Lee Meng Teck, currently CEO of CIMB Singapore, as CEO of growth markets, covering CIMB Singapore and CIMB Cambodia. CIMB said his successful turnaround of CIMB Singapore, coupled with over 25 years of experience in significant parts of the universal banking value chain, positions him well to drive growth in these key markets.

The group also announced the inclusion of its group chief technology officer Ros Aziah Mohd Yusoff into the CIMB group executive committee, and the redesignation of Animesh Mukherjee from group chief human resources officer to group chief people officer. Animesh will report directly to group CEO Novan.

“The new organisation structure reflects CIMB’s purpose, strengthens our leadership bench, and consolidates related roles to enhance synergies across the group. It is designed to enable greater focus and accountability as we advance the Group’s strategic priorities into the next strategy cycle while ensuring operational resiliency," said Novan.