Bursa Malaysia to phase out CCO, COO roles from Jan 1

Bursa Malaysia will undergo an organisational restructuring exercise. — Bernama pic
Bursa Malaysia will undergo an organisational restructuring exercise. — Bernama pic

KUALA LUMPUR, Nov 22 — Stock exchange operator Bursa Malaysia Bhd will phase out the roles of the chief commercial officer and chief operating officer under its organisational restructuring exercise, resulting in a flatter management structure which will be operational from Jan 1, 2020.

The existing business leadership team will report directly to the chief executive officer (CEO), providing the CEO a wider span of direct management and oversight of the business functions of the company, it said.

“In addition, a new CEO regulation position is established to lead the regulatory leadership team in driving the frontline regulatory functions of the exchange,” Bursa Malaysia said in a statement today.

The organisational and leadership structure change is aimed at accelerating growth in critical areas, promoting agility to foster greater cross-functional collaboration as well as strengthening the governance arrangement within the company, it explained.

“As a result of the upcoming changes at exchange operator, the chief commercial officer Selvarany Rasiah, chief operating officer Datin Azalina Adham and chief regulatory officer Yew Yee Tee will leave Bursa Malaysia with the expiry of their current fixed term contracts,” it said.

It added that director of corporate strategy, Dr Tan Wei Lin, will also be leaving the company with the expiry of her current fixed-term contract, to pursue other endeavours.

“The organisational restructuring will make Bursa Malaysia into a more agile and efficient organisation, better able to meet the changing needs of customers and stakeholders in a fast-evolving global market,” CEO Datuk Muhamad Umar Swift said.

Today’s statement followed a two-paragraph statement issued by Bursa Malaysia yesterday to announce its intention for an organisational restructure. — Bernama