Chief Executive Officer (CEO) of Bank of Maldives Karl Stumke has resigned. In a statement released by BML, Karl Stumke resigned on September 8, but will serve as the CEO until the bank’s Extraordinary General Meeting (EGM). The EGM is scheduled to take place on September 21.
Furthermore, BML announced that the management responsibilities of the bank will be undertaken by the Deputy CEO Aishath Noordeen, during the process of recruiting a new CEO. It also revealed that efforts are underway by the Board of Directors to recruit a new CEO for the bank.
While efforts are ongoing to recruit a new CEO, BML has also submitted nominations to fill two vacancies on its Board of Directors, with the government proposing Mohamed Shahid and Ali Irfan for the positions. Shahid previously served as Chief Financial Officer at the Maldives Pension Office. He also served as the Director General in various departments at the Maldives Inland Revenue Authority (MIRA) and also served as Board Secretary. Meanwhile, Irfan is the Director of the Public Finance Modernisation and Reform Project at the Ministry of Finance. He has served as Voice Secondee for the World Bank’s Global Partnership for Education, Finance, and Grant Operations. He has worked in various financial sector roles since 2018.
The BML Board consists of 11 members. This includes six government appointees, two BML appointees, and three representatives of private shareholders.