This study explored the information behaviour of business executives particularly those in the managerial positions in the services and banking industries in Malaysia. Among the components of information behaviour investigated involved their information use – types, sources, and criteria. The investigation was also extended to understand about effective information management and the need for information and knowledge managers from the managers’ collective perspectives. Using survey questionnaires with open and close-ended questions on one hundred and forty five respondents, the findings provided rich and meaningful information about information requirements of managers and their perceived needs for competent information and knowledge managers in terms of their desired roles and competencies. The findings may assist in the effective provision of services by information or knowledge managers within the organizations and the development of more effective information system for resource sharing and inter/intra organizational collaboration or in other word a knowledge management system (KMS).