KUALA LUMPUR (Oct 22): CIMB Group Holdings Bhd has announced that Tigor M Siahaan, president director and CEO of CIMB Niaga, has tendered his resignation with effect from Oct 21. 

In a statement on Friday (Oct 22), CIMB said CIMB Niaga’s board of commissioners and nomination & remuneration committee have immediately activated its selection and transition planning process and will announce the new appointment in due course. 

To ensure a smooth transition, CIMB said Tigor will be serving out his notice period in his current capacity with CIMB Niaga.

“The board and management of CIMB Group would like to record their appreciation to Tigor for his significant contributions to CIMB Niaga since he joined in 2015. 

“He has demonstrated exceptional service and has been instrumental in strengthening the financial and operational aspects of CIMB Niaga. 

“Under Tigor’s strong leadership, CIMB Niaga is well placed to deliver its Forward23+ targets as well as value for its shareholders and customers,” it said.

CIMB’s share price fell 10 sen to RM5.23, valuing it at RM52.37 billion.