Ecobank’s new CEO gets three-month transition period

In from Success Alantee…

Outgoing group chief executive officer of Ecobank Transnational Incorporated (ETI) Plc, Mr. Albert Essien, whose retirement takes effect next Tuesday, will continue to act as chief executive officer over the next two months as part of transitional arrangement pending the resumption of the new chief executive officer, Mr. Ade Ayeyemi.
Ripples.com.ng confirmed today that ETI, the parent company of the Ecobank Group, has outlined a two-part three-month transition period for the new chief executive. In the first part, Essien will act as the holding company’s chief executive for a two-month transition between the effective date of his retirement, June 30, 2015, and the resumption of his successor, Ayeyemi, on September 1, 2015. Essien will thus be acting group chief executive from Wednesday July 1 through August 31, 2015.
In the second part, on resumption of Ayeyemi on September 1, Essien will hold the role of Special Advisor for one month in order to assist the new group chief executive to settle down and facilitate the completion of a proper handing over.
The board of ETI had approved the retirement of Essien in line with the Ecobank Group policy, which requires the retirement of employees when they attain the mandatory retirement age of 60.
In his last financial year as the chief executive, Essien had consolidated the performance of the pan-African financial services holding company. Key extracts of the audited report and accounts for the year ended December 31, 2014 showed that net profit after tax jumped to N65.68 billion in 2014 as against N23.57 billion recorded in 2013. Pre-tax profit rose by 144 per cent from N35.37 billion to N86.44 billion. Gross earnings had grown by 19 per cent from N319.56 billion in 2013 to N379.32 billion in 2014.
Further analysis showed that the total assets of the group grew by 25 per cent to N4.50 trillion in 2014 compared with N3.6 trillion recorded in 2013. Loans and advances also improved by 25 per cent from N1.82 trillion to N2.29 trillion. Customer deposit increased by 23 per cent to N3.24 trillion in 2014 as against N2.63 trillion in 2013. Total shareholders’ funds jumped by 45 per cent to N493.02 billion in 2014 as against N341.01 billion in 2013.
ETI distributed bonus shares of one share for every 15 shares already held by shareholders.
Essien attributed the performance in 2014 to the group’s diversified business model noting that the group grew customer loans by $890 million or eight per cent, and deposits by $947 million or six per cent, particularly in core current account deposits, despite the adverse impact of dollar’s appreciation to the group’s key functional currencies.

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