Two of Najib’s Brothers Announce Resignation From CIMB & Petra Energy on Same Day

2018 has been a year filled with resignations, with a significant number of high-ranking CEOs from Malaysia’s top companies giving up their positions over the past few months. Now, news of two more resignations has just surfaced.

Just yesterday (24th September), a press release revealed that CIMB Group chairman and brother of former prime minister Najib Razak, Dato’ Sri Nazir Razak, will be stepping down from his position as of 31st December 2018.

According to CIMB’s statement on the matter, a succession plan will now take place to determine who the next chairman will be as well as the date of this person’s takeover.

Dato' Sri Nazir Razak will step down as Chairman of CIMB Group by 31/12/2018. pic.twitter.com/R4STJcA57X

— BFM News (@NewsBFM) September 24, 2018

Meanwhile, Nazir Razak also took to Instagram to express his gratitude and his future plans. An excerpt from his post reads,

“I am 52 years young. It is time for me to commit fully to my next mission on the ASEAN stage.”

View this post on Instagram

The sun is setting on my time in CIMB. I just announced that I will step down as Chairman of CIMB by 31st December 2018. The Board will now activate its succession plan to decide on the next Chairman and the exact date of handover. Over the last 29 years, I have had the privilege of a front row seat on the amazing CIMB journey from fledgling corporate finance franchise to leading Malaysian investment bank to an ASEAN universal bank. Thank you CIMB, #teamCIMB and #CIMBalumni. After our CEO transition in 2014 and then success of T18, CIMB is now financially strong, organisationally robust and firmly institutionalised. My CIMB mission is accomplished and final affirmation of success will come with my departure and CIMB continue grow from strength to strength. I am 52 years young. It is time for me to commit fully to my next mission on the Asean stage.

A post shared by Nazir Razak (@nazir.razak) on Sep 24, 2018 at 4:15am PDT

On the same day, Najib’s brother,  Datuk Mohamed Nizam Razak, also announced that he would be resigning as director of Petra Energy Bhd. According to the New Straits Times, Datuk Nizam, who owns 29.25 million shares in Petra Energy, decided to resign to pursue other business ventures.

Source: Malaysian Update

News of his resignation came a few hours after that of his brother, Nazir Razak, surfaced.

What are your thoughts on these recent resignations? Let us know in the comments below. 

Also read: 5 Malaysian Heads & CEOs Who Unexpectedly Resigned Since May 2018