Abdul Farid to step down as Maybank group president and CEO

"Farid, who has held the position since Aug 2, 2013, has informed the board of directors that he would like to pursue his own interests following the conclusion of his third term as group president and CEO," the bank said in a statement.

Maybank said the process to identify a new successor has commenced and is under way, led by the nomination and remuneration committee of the board.

Maybank chairman Tan Sri Zamzamzairani Mohd Isa said the board is currently undertaking a robust review and assessment process to identify a suitable replacement for Farid, which includes assessing internal and external candidates.

"The new appointee will be announced once we have submitted and obtained the necessary regulatory approvals for the appointment," Zamzamzairani added.

He further said that to ensure a smooth leadership transition, Farid would continue to oversee the management and operations of Maybank until the successor assumes the position.

"Although we are disappointed that Farid has decided not to renew his contract, the board respects his decision and on behalf of the group, I thank him for his remarkable contributions, service and commitment in building a forward-looking organisation that has been ahead of many of its regional peers, especially on the digital and sustainability front," he said.