EON Bank on hunt for new chief

The lender to find replacement of Michael Lor through talent search companies.

The board of EON Bank Bhd has appointed talent search companies or “head hunters” in a bid to find a suitable replacement for Datuk Michael Lor who resigned last month from the bank as its group chief executive officer.

Contrary to rumours that Dr Zaha Rina Zahari was a likely candidate to helm EON Bank, a source said the bank's board would soon convene a meeting to, among others, discuss on matters relating to the appointment of head hunters that would scout for the right candidate to head the bank.

“The existing team comprising of two members of the bank's board of directors - Datuk Mohzani Abdul Wahab and Dr Zaha Rina Zahari - as well as the bank's head of business and investment banking Peter Chow Ying Choon, who will assume the duties and responsibilities of the group CEO pending the appointment of a successor, is a temporary one.

“The board was looking for quality candidates via various search companies and would at the moment carry on this task although its parent company, EON Capital Bhd (EON Cap) was embattled in a court struggle,'' he told StarBiz.

The resignation of Lor came in the midst of EON Cap still being caught in the middle of a court case involving the takeover of the bank by Hong Leong Bank Bhd (HLB). HLB has proposed to acquire the assets and liabilities of EON Cap at RM5.06bil ($1.67 billion) or RM7.30 ($2.41) per share.

EON Cap's single largest shareholder, Primus (M) Sdn Bhd, is suing EON Cap directors over the proposed sale of the group's businesses to HLB. Primus is said to be against the sale because it had bought its 20.2% stake in the banking group at a higher price of RM9.55 ($3.15) per share compared with HLB's offer of RM7.30 ($2.41) per share.

View the full story in The Malaysian Star.