The board of Ecobank Transnational Incorporated (ETI) removed its Chief Executive Officer (CEO), Thierry Tanoh, on Tuesday, appointing Albert Essien in his stead.
The pan-African lender, also, announced the reinstatement of finance director Laurence do Rego, which was a demand by Nigeria’s securities regulator, which is investigating alleged breaches of corporate governance.
A statement issued by Nabi Ouedraogo, Head ETI communications unit, said Essien will take over from Tanoh, with effect from March 12, 2014
It said that Essien before his appointment was the bank’s Deputy CEO/ Group Executive Director for Corporate and Investment Bank
“Mr Albert Essien has been at Ecobank for more than 20 years rising to the position of Deputy Group CEO two years ago,” it said. “Prior to becoming Deputy CEO Mr Essien was the Regional Head for the Anglophone West Africa (excluding Nigeria) and Eastern and Southern Africa (ESA) regions.
“He started his banking career in 1986 with the National Investment Bank in Accra, Ghana and joined the Corporate Banking Department of Ecobank Ghana in 1990.”
According to the statement, Essien in 1997 became Country Risk Manager and was appointed Deputy Managing Director in 2001.
It added that he became Managing Director in December 2002.
“Albert Essien has a degree in Economics from the University of Ghana and is an alumnus of the Executive Development Program of INSEAD (France/Singapore). He is also an honorary fellow of the Chartered Institute of Bankers, Ghana,” it added.
Tanoh, the out-going boss joined the Ecobank Group as CEO designate in July 2012 and commenced his executive role in October 2012 prior to being appointed Group CEO in January 2013.
Commenting on the announcement, ETI Interim Chairman, André Siaka, commended the effort of Tanoh while serving the company.
“We wish to thank Thierry Tanoh for his service to Ecobank and we wish him every success in the future,” he said. “We believe that Essien has the experience and knowledge that Ecobank needs to take us forward as we continue to implement our strategy which is to deliver outstanding customer service, to improve long-term shareholder value and returns and to be the employer of choice in our markets.”
Responding, Essien promised to continue in the good steps of his predecessor and called for support of all stakeholders.
“I have been working for Ecobank for more than 20 years and I am proud of what we have achieved so far. I am committed to achieving our vision of building a world class pan-African bank which contributes to the economic development and financial integration of Africa,’’ he said.
The new CEO also promised to uphold the bank’s “mission of providing our retail and wholesale customers with convenient, accessible and reliable financial products and services.”
The bank had on Sunday appointed a seven-member committee to search for members of its board. It will be assisted by an external search firm.
This was part of the bank’s detailed 51-point Governance Action Plan agreed by shareholders at an Extraordinary General Meeting held at Ecobank’s pan African Centre in Lomé on March 3.
According to Ouedraogo, the search Committee consists of two former chairmen Mr GervaisDjondo and Chief Philip Asiodu, two representatives of the current board and three shareholder representatives.
He said the Committee would recommend potential board members to the shareholders of Ecobank Transnational Incorporated at their Annual General Meeting to be held in June.
He added that at their Extraordinary General Meeting on March 3 the shareholders agreed to limit the size of the board to a maximum of 15 people.
“It will comprise representatives of both majority and minority shareholders, executives and independent directors. In addition the reconstituted board will reflect the geographical spread of Ecobank Transnational Incorporated as well as a more balanced gender and professional mix,“ he added.
telegraphng
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