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AMMB Holdings Berhad (AmBank Group) today confirmed that Mr Ashok Ramamurthy will be stepping down as Group Managing Director in due course to rejoin his family in Melbourne and as part of a planned transition that will see him resume his career in a senior executive role at Australia and New Zealand Banking Group Limited (ANZ).
With reference to media reports, the Board wish to clarify that Ms Pushpa Rajadurai, Managing Director of Wholesale Banking, Coverage, Mr Kok Tuck Cheong Managing Director, Wholesale Banking, Products and Ms Mandy Simpson, Group Chief Financial Officer have existing contracts and are continuing to serve the Group in accordance with these contracts as normal.
Mr Ramamurthy joined AmBank Group from ANZ in 2007 first as Chief Financial Officer and has been Group Managing Director since 2012.
Chairman of AmBank Group Tan Sri Azman Hashim said: “AmBank Group has made significant progress under Ashok’s leadership. This includes repositioning the AmBank brand internally and externally, upgrading our technology infrastructure and strengthening our strategic position. The Group has a very bright future and on behalf of the Board I want to thank Ashok for his contribution over the past eight years. Ashok remains in charge of AmBank Group until a proper transition is made to the new Group Managing Director.
Importantly Ashok’s presence has also deepened the ties between AmBank Group and ANZ which continues to be a committed, long term strategic partner for our bank.
After eight years with AmBank Group, we are now at a natural point for a transition to a new Group Managing Director and the Board has kicked off a process of identifying a replacement.”
Mr Ramamurthy said: “It has been a great privilege to be AmBank Group’s Managing Director over the past three years. Malaysia has been a wonderful place to live and work, and it has been an honour to led a first class management team and AmBank Group’s 12,000 staff who are dedicated to supporting our customers.
It has always been my intention to return to Melbourne to be with my wife and family and to resume my career at ANZ. Although there is still much to do over the coming months, I want to thank the Chairman and the Board for their continuing support.”
This announcement is dated 29 January 2015.
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