KUALA LUMPUR, Aug 17 — The exit of three members of Maybank Bhd’s board of directors is not related to its acquisition of Indonesian bank, BII. Maybank president and chief executive Datuk Seri Wahid Omar explained today, changes among the board members was an ongoing process, and a succession plan was in place even before he joined the organisation.
He also said there had been a clear discussion as to how the board would evolve over the next few years.
Wahid said this when asked to comment on speculation that the three board members were asked to leave following the bank’s purchase of BII, which is seen as being overpriced.
“At that time, there were 11 members of the board, of whom five were aged above 69. We need an orderly transition,” he told reporters at a signing ceremony between Maybank and the Inland Revenue Board (IRB) here.
He added of the three members who left, two were above 70 while one had ended his 12-year term as an independent director.
“We would like to bring our board members to an optimum level of 11 or 12.
“To govern a large organisation like Maybank which has overseas operations as well, eight members is not enough,” he explained.
In the last financial year, Maybank had 23 board members. Wahid said the replacement candidates were now going through the nomination committee and hoped they would come on board at the soonest. — Bernama
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