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Ecobank, Tanoh part ways

12 March 2014, 07:56Henry Ifeanyi

Lagos - Ecobank Transnational Incorporated has announced the departure of Thierry Tanoh, the Group Chief Executive Officer with immediate effect.

His Deputy, Albert Essien has been appointed to replace him. Ecobank also stated that the outgoing CEO would no longer be a Director.

The statement by the bank said Essien had been at Ecobank for over 20 years, rising to the position of Deputy Group CEO in 2012.

It stated, “Prior to becoming Deputy CEO, Essien was the Regional Head for the Anglophone West Africa (excluding Nigeria) and Eastern and Southern Africa 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. In 1997, he became Country Risk Manager.

Announcing the change of guard, ETI Interim Chairman, André Siaka, said, “We wish to thank Thierry Tanoh for his service to Ecobank and we wish him every success in the future. We believe that Mr Albert 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.”

Speaking after his appointment, Essien said, “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 and to our mission of providing our retail and wholesale customers with convenient, accessible and reliable financial products and services.”

The Board of Directors of ETI also announced that, in line with a directive the Securities and Exchange Commission of Nigeria, Laurence do Rego is reinstated as Group Executive Director of Finance and Risk with immediate effect.

During a board meeting the Directors reaffirmed their commitment to implementing the detailed 51 point Governance Action Plan adopted by shareholders at an Extraordinary General Meeting held at Ecobank’s Pan AfricanCentre in Lomé on 3 March 2014.

The plan, which is expected to be implemented by the end of April 2014, aims to strengthen governance within the Ecobank Group.

- CAJ News

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