Bursa Malaysia phases out CCO and COO roles amidst restructure

Bursa Malaysia is phasing out its CCO and COO roles to achieve a flatter management structure. The organisational restructure aims to accelerate growth in critical areas, promote agility to foster greater cross-functional collaboration as well as strengthen the governance arrangement within the Exchange Group.

As a result of the changes, CCO Selvarany Rasiah, COO Azalina Adham, and chief regulatory officer Yew Yee Tee will leave the Exchange upon the expiry of their fixed term contracts, Bursa said in a statement. Director of corporate strategy Tan Wei Lin will also be leaving the Exchange with the expiry of her current fixed term contract, to pursue other endeavours.

The existing business leadership team will report directly to CEO Muhamad Umar Swift, offering him a wider span of direct management and oversight of the business functions of the Exchange Group. Also, a new CEO regulation position is established to lead the regulatory leadership team in driving the frontline regulatory functions of the Exchange. The new structure will be operational from 1 January 2020.

Muhamad Umar Swift said 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.

“On behalf of the Board and Management of Bursa Malaysia, I would like to thank our colleagues for the support and contributions during their tenure with the organisation," he added.

In June, Bursa rolled out a mobile app named Bursa Anywhere to allow individual investors to access a wide range of central depository services (CDS) anywhere, anytime. According to Bursa, its mobile app depository service is the first in ASEAN and second in Asia after Taiwan. The new app is in line with Bursa Malaysia’s proposition that it is easily accessible, convenient and efficient, offering depositors with a seamless and personalised experience when accessing their CDS account information or performing CDS account management.