AMMB CFO Shafiq Abdul Jabbar to step down July 1, reportedly joining Maybank as group CFO

AMMB Holdings Bhd has announced a leadership change that underscores ongoing shifts in Malaysia’s banking sector, with its group chief financial officer stepping down to pursue alternative opportunities and a potential move to Maybank reported by industry sources. The development, paired with a high-profile departure at Maybank just weeks earlier, highlights how executive transitions at the top echelons of Malaysia’s banking giants can ripple through governance, strategy, and market sentiment. As the industry watches how both banks navigate this period, questions emerge about succession planning, internal controls, and the broader implications for asset management, funding strategies, and capital planning within the country’s commercial banking landscape.

Leadership Transition at AMMB: CFO Shafiq Abdul Jabbar to Step Down

Shafiq Abdul Jabbar, the group chief financial officer of AMMB Holdings Bhd, has chosen to resign in order to pursue other professional opportunities, according to a formal filing with the stock exchange. This move is framed as part of a natural lifecycle of leadership transitions within large financial institutions, where senior finance executives seek new challenges or rotate into other leadership roles either within the industry or in related sectors. The resignation signals a pivotal moment for AMMB, given the critical role a group CFO plays in steering financial strategy, capital management, and the integrity of financial reporting across a diversified banking group.

Details surrounding the transition indicate a structured process designed to preserve continuity. Shafiq’s departure from AMMB will take effect on a specified future date, and he will be placed on garden leave for a period preceding the formal cessation of duties. During the garden leave interval, which begins ahead of his official exit, AMMB’s leadership, under the direction of the group chief executive officer, will implement interim governance arrangements to ensure uninterrupted financial stewardship. In the interim, the finance function remains under the oversight of AMMB’s top executive leadership, with an explicit mandate to maintain robust financial controls, timely reporting, and adherence to regulatory requirements.

AMMB has indicated that the search for a new group CFO is already underway, signaling its intent to ensure a seamless transition that preserves confidence among investors, regulators, customers, and employees. The role of the group CFO in AMMB extends beyond routine financial reporting; it encompasses strategic oversight of budgeting, treasury management, risk-adjusted return assessments, capital adequacy planning, and coordination with the board on long-range financial strategy. The appointment of a replacement is therefore a matter of strategic significance for AMMB as it seeks to balance growth ambitions with prudent risk management in a competitive and evolving banking environment.

Jamie Ling, who previously served as AMMB’s group CFO in the past before moving to the top executive position, is described as stepping in to oversee the finance function during this interim period. Ling’s return to a leadership role within the finance division reflects a practical approach to governance during an executive transition, leveraging his prior familiarity with the bank’s financial architecture and processes. This arrangement is designed to minimize disruption while the bank conducts a thorough and orderly search for a successor who can carry forward AMMB’s financial agenda with continuity and resilience.

Shafiq Abdul Jabbar’s tenure at AMMB was relatively brief by executive standards. He joined the group as CFO on a specific date in the previous year, bringing experience from his prior roles in the financial sector. Notably, his professional journey includes a track record as the group CFO of Astro Malaysia Holdings Bhd, where he helped steer financial operations within a prominent telecommunications and media landscape. Before his time at Astro, Shafiq served as the group financial controller and the chief financial officer of CIMB Bank Bhd, roles that provided him with a broad understanding of corporate finance, risk management, and regulatory compliance in one of Malaysia’s largest banking networks. This combination of experiences positioned him to lead AMMB’s financial functions in a period characterized by evolving regulatory expectations and a turbulent macroeconomic backdrop.

Industry observers have noted that Shafiq’s move to AMMB, followed by his reported path toward Maybank, aligns with a broader pattern of CFO movements among Malaysia’s leading banks. Such transitions are often driven by strategic realignments, opportunities to harmonize finance leadership with overarching corporate goals, and the pursuit of roles that offer opportunities to influence large-scale balance sheet management and capital planning. The implications for AMMB, therefore, extend beyond the immediate vacancy; they touch on how the bank will structure its leadership pipeline, how it will attract external candidates with the right blend of international experience and local market knowledge, and how it will maintain investor confidence during a period of executive change.

In the wake of this development, AMMB’s stock market performance has captured attention. Trading activity and pricing during the transition period reflect investor sensitivity to changes in top-tier leadership and the potential implications for financial strategy and governance. While the immediate market reaction can be volatile in the face of leadership turnover, the longer-term outlook will be shaped by the clarity and speed of the replacement process, the strength of interim governance mechanisms, and the perceived depth of AMMB’s leadership bench in finance and risk management. The bank’s valuation and market capitalization, alongside industry-wide valuation benchmarks for peers, will come under renewed scrutiny as investors assess whether AMMB can sustain its competitive position amid leadership changes.

In summary, AMMB’s leadership transition centers on a high-stakes financial executive move with potential implications for governance, strategy, and market perception. The postponement of a formal CFO appointment, coupled with a garden leave period and interim management arrangements, underscores the bank’s focus on preserving stability and continuity. The outcome will hinge on the urgency and quality of the search for a successor who can seamlessly integrate into AMMB’s strategic agenda and continue to deliver disciplined financial stewardship in a dynamic banking environment.

Context: Maybank CFO Departure and Transitional Phase

In parallel with AMMB’s leadership development, Maybank—Malaysia’s largest banking group by assets—faced its own high-profile CFO transition in the recent period. Industry reports indicate that Maybank’s group CFO Khalijah Ismail departed the bank in what has been described as an unexpected and immediate termination. The bank disclosed that the departure followed an internal inquiry conducted by the bank, though it did not provide elaborate details. The announcement suggested that the termination was related to non-compliance with internal requirements and processes, rather than any disclosed financial losses.

Khalijah Ismail, who has been identified as a key executive in Maybank’s corporate finance leadership, publicly denied any wrongdoing and indicated an intention to pursue legal action in response to the bank’s decision. The exact contours of the internal inquiry and the internal policy areas implicated were not disclosed by the bank, which is consistent with standard practices in corporate governance to protect sensitive information during investigations. The absence of reported financial losses in relation to Khalijah’s departure has been noted by the bank in communications with analysts and the market, providing some reassurance to investors that the event, while significant, did not necessarily imply direct financial impairment or risk to the bank’s capital position.

The timing of Khalijah Ismail’s departure created a transitional dynamic at Maybank, necessitating a rapid reassessment of leadership and a plan for interim governance. Banks often respond to sudden CFO changes by designating interim leaders, accelerating the search for qualified internal candidates, or engaging external expertise to ensure a smooth handover of critical functions such as treasury operations, risk management, and financial planning. For Maybank, the challenge lies in maintaining a steady course in capital planning, regulatory compliance, and investor communications while conducting a thorough evaluation of internal processes and controls implicated by the internal inquiry.

Market observers have linked Khalijah’s departure to broader governance considerations within large financial institutions. The leadership vacuum at the CFO level can have implications for strategic decisions on capital allocation, cost of funding, liquidity management, and cross-border funding arrangements. Although the bank emphasized that there were no financial losses associated with the incident, the market naturally seeks clarity on the potential impact on Maybank’s risk posture and its ability to sustain robust internal controls. In this context, stakeholders will be looking for transparency about the steps Maybank is taking to address any governance gaps, strengthen compliance, and reinforce the culture of accountability that regulators and investors expect from a systemically important financial institution.

The Maybank leadership transition also carries implications for cross-border banking and regional competition within Southeast Asia. As both AMMB and Maybank operate within a tightly interconnected financial ecosystem, leadership changes at the two banks can influence strategic partnerships, funding markets, and the appetite of investors for Malaysian financial sector exposure. The market’s reaction to Khalijah’s departure—together with Shafiq’s announced exit from AMMB—could heighten scrutiny of governance practices across Malaysia’s banking peers and spur heightened focus on risk management, internal audits, and succession planning across the sector. Industry participants may also monitor how Maybank cycles its internal processes in response to this event, including whether it introduces new oversight mechanisms, strengthens governance committees, or revises risk management frameworks to align with best practices and regulatory expectations.

For Maybank’s stakeholders, the transition underscores the ongoing importance of robust leadership in directing the bank’s strategic priorities, especially in a landscape characterized by rapid digitalization, evolving regulatory expectations, and heightened competition. While Khalijah’s departure marks a notable event, the bank’s stated commitment to maintaining stability, growth, and compliance remains a focal point for investors, customers, and regulators. Analysts and market commentators will be watching for further official disclosures about the bank’s executive appointment timeline, the criteria for the role, and the strategic vision for the CFO’s responsibilities in the context of Maybank’s longer-term roadmap.

Career Trajectories: Shafiq Abdul Jabbar and Khalijah Ismail

The professional journeys of the two CFOs involved in these high-profile transitions illuminate the pathways that finance leaders navigate within Malaysia’s banking landscape. Shafiq Abdul Jabbar’s career trajectory—spanning senior financial leadership roles across different sectors—offers insights into how Malaysia’s financial institutions recruit top-tier talent with a blend of local market expertise and international experience. Shafiq’s prior role as the group CFO of Astro Malaysia Holdings Bhd equipped him with a deep understanding of corporate finance within a media and telecommunications ecosystem, a sector that presents distinct financial dynamics, such as regulatory considerations, licensing environments, and revenue recognition complexities. This experience, combined with his earlier tenure as the group financial controller and CFO of CIMB Bank Bhd, provided him with a robust foundation in financial planning, risk management, regulatory compliance, and internal control frameworks across a major domestic banking network.

AMMB’s decision to appoint Shafiq as group CFO before his eventual transition to another potential opportunity reflects a strategy of leveraging executives with a proven track record in capital management, financial governance, and cross-functional leadership. His relatively short tenure at AMMB underscores the often dynamic nature of executive leadership in large financial institutions, where strategic realignments, merger and acquisition activity, and shifts in regulatory expectations can drive rapid changes at the top of the finance function. The combination of Shafiq’s experiences—from Astro Malaysia to CIMB Bank and then AMMB—illustrates the value that diversified industry exposure can bring to a CFO role in a complex, asset-rich organization.

Khalijah Ismail’s career, as described in the context of Maybank’s governance developments, positions her as a longstanding figure within Malaysia’s banking leadership circle. While details of Khalijah’s earlier roles are not exhaustively disclosed in the information at hand, her identification as the former group CFO of Maybank emphasizes the significance of her tenure within the bank’s financial leadership. Her departure, followed by the bank’s internal inquiry, highlights how high-ranking executives are subject to rigorous governance standards, internal processes, and regulatory expectations. The incident sheds light on the accountability mechanisms that large banks maintain to uphold integrity in financial reporting, risk management, and adherence to internal policies and processes.

Together, these career narratives emphasize the central role of CFOs in steering strategic financial decisions, particularly in an environment where competition among Malaysia’s leading banks remains intense, and where regulatory scrutiny continues to intensify. They also illustrate how leadership transitions—whether through retirement, pursuit of new opportunities, or internal governance actions—can shape a bank’s financial strategy, capital planning, and investor relations. For finance professionals and aspiring CFOs, the shifts at AMMB and Maybank provide a case study in the complexities of managing large, diversified financial institutions while maintaining a steady hand on the balance sheet and a rigorous eye on compliance and governance.

Market Reactions and Investor Considerations in a Changing Banking Landscape

The market’s response to major leadership changes at AMMB and Maybank has been a focal point for investors seeking to gauge the resilience of Malaysia’s banking sector. When a group CFO steps down, especially within a prominent institution, markets pay close attention to several interconnected factors: the immediacy of the transition plan, the strength of interim leadership, the speed and quality of the search for a successor, and the overall strategic direction the bank intends to pursue under new financial leadership. Investors assess whether the bank’s guidance, risk management framework, and capital planning processes will continue to align with regulatory expectations and with the bank’s broader growth objectives.

In the case of AMMB, the announcement that the CFO is stepping down, coupled with the appointment of an interim governance arrangement and an ongoing search for a replacement, can introduce short-term volatility as market participants digest the potential implications for financial strategy and performance. However, markets often look beyond the immediate headlines to the longer-term trajectory of the bank’s capital planning, asset quality, and revenue growth prospects. If AMMB demonstrates a clear plan for sustaining disciplined financial management during the transition, supported by a robust governance framework, investor confidence can stabilize relatively quickly.

For Maybank, Khalijah Ismail’s departure, followed by an internal inquiry, introduces a separate set of considerations for investors. The absence of disclosed financial losses can mitigate fears about immediate balance sheet impact, but questions about governance, internal controls, and risk management will naturally arise. The bank’s response to these concerns—transparent communication, a well-defined succession plan, and concrete steps to strengthen internal processes—will be pivotal in shaping market perception. Investors often reward banks that demonstrate accountability and proactive governance enhancements, particularly in a sector where regulatory expectations and scrutiny continue to intensify.

Beyond the idiosyncrasies of individual CFO changes, the broader market environment for Malaysia’s banking sector remains influenced by macroeconomic conditions, interest rate trends, loan growth, and the pace of digital transformation that is reshaping financial services. Banks that can balance prudent risk management with strategic investments in technology, customer experience, and scalable operating models tend to maintain competitive advantages even amidst leadership rotations. Stakeholders—ranging from institutional investors to retail shareholders—will be evaluating how AMMB and Maybank navigate this landscape, including how they manage costs, optimize capital allocation, and pursue sustainable growth while maintaining the integrity and reliability expected of systemically important financial institutions.

As the industry absorbs the implications of these leadership changes, analysts and market participants may also look for signals about succession planning practices across the sector. Effective CFO succession planning is often seen as a barometer of corporate governance maturity and future readiness, particularly in markets where financial performance hinges on precise capital management, risk oversight, and timely financial reporting. The AMMB and Maybank developments could serve as case studies for how major banks address senior-level transitions—from the identification of internal or external candidates to the onboarding process, knowledge transfer, and continuity of strategic initiatives. In this context, the market’s focus will be on not only the immediate effects but also the longer-term strength of governance structures and the capacity of each institution to execute its strategic plan with a high level of financial discipline.

Key Takeaways for Stakeholders

• Leadership transitions at the CFO level are pivotal moments that can influence governance, capital planning, and strategic direction. The way AMMB and Maybank manage interim arrangements, succession processes, and communication with stakeholders will be closely watched.

• The involvement of interim leadership, such as Jamie Ling at AMMB, highlights the importance of continuity in financial governance during transitions. The ability to maintain the integrity of financial reporting and the momentum of ongoing strategic initiatives is a primary concern for investors.

• Market reactions to CFO changes depend on the perceived depth of the bank’s leadership bench, the strength of internal control frameworks, and the clarity of the transition plan. Banks that demonstrate transparency, accountability, and proactive governance responses can mitigate short-term volatility.

• Responding to governance inquiries and ensuring robust risk management practices are essential for sustaining investor confidence. The Maybank case illustrates how internal investigations, even when not revealing financial losses, require careful handling to preserve trust and regulatory alignment.

• The broader context of Malaysia’s banking sector, including digital transformation and regulatory developments, means that CFOs must navigate a complex mix of operational efficiency, risk controls, and strategic growth initiatives. The leadership changes at AMMB and Maybank sit within this larger frame and will influence how the sector evolves in the near to medium term.

Conclusion

The leadership transitions at AMMB Holdings Bhd and Maybank mark a significant moment for Malaysia’s banking sector, underscoring the critical role of the chief financial officer in steering financial strategy, risk management, and regulatory compliance. Shafiq Abdul Jabbar’s decision to resign from AMMB and the reported pathway toward a role at Maybank, along with Khalijah Ismail’s unexpected departure from Maybank, illuminate the ongoing dynamics of executive mobility within the country’s largest banks. The sequence of events reflects the broader challenges and opportunities facing financial institutions as they balance governance, growth, and stability in a rapidly evolving market environment.

As AMMB initiates a comprehensive search for a new group CFO and prepares for a seamless handover, the bank’s ability to maintain disciplined financial management and robust internal controls will be central to sustaining investor confidence. Similarly, Maybank’s governance response, management of an interim period, and the clarity of its succession plan will influence how the market prices the bank’s risk and growth prospects going forward. For stakeholders across the Malaysian banking landscape, these developments underscore the importance of proactive governance, transparent communication, and rigorous succession planning as essential components of strategic resilience in an era characterized by competitive pressures, regulatory scrutiny, and the accelerating pace of financial technology adoption. The market will continue to monitor how these leadership changes unfold, what new executives bring to the table in terms of capital planning and strategic oversight, and how both institutions translate leadership transitions into sustained performance and value creation for shareholders.