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Ecobank CEO asked to stepdown

18 February 2014, 06:55

Lagos -  Top executives of Ecobank have asked CEO Thierry Tanoh to step down to enable the bank break out of its recent governance crisis, reports Proshare.

In an extraordinary letter signed by four key senior executive directors, including Deputy CEO Albert Essien and sent to the interim chairman Andre Siaka , they said Tanoh’s continue stay in office has put the bank in jeopardy of losing the much-needed credibility.

Tanoh’s relationship with the four top executives was said to have soured after Laurence do Rego, the bank’s former finance director, whom the bank has suspended, told regulators that she had been pressured to misstate the bank’s 2012 financial results

All four including Tanoh are on a five-member Group Executive Committee that runs the bank. The also sit on Ecobank Group’s board, which currently has 12 members.

The four directors are likely to lose their seats at an extraordinary general meeting (EGM) of the Bank in Lome, Togo on March 3.

Read more at Proshare.

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