{{Equity Bank has appointed a new chief finance officer (CFO) in a shake-up meant to realign the department to emerging market challenges.}}
The bank promoted John Staley, the director of mobile banking, to the CFO position, replacing Samson Oduor who left the bank in March.
Equity Bank also announced that Samuel Makome, the managing director of its Tanzania subsidiary, and finance director Collins Otiwu had left the company.
“The board reached this decision following transitions that have taken place at the top levels management of this function within the group,” said Equity Bank CEO James Mwangi in a statement to the Nairobi Securities Exchange.
In appointing Mr Staley, the lender broke with its recent trend of filling senior positions with executives from top notch international firms.
“The board has considered internal promotions to tap into the depth, experience, capacity and the cultural strength existing within the group,” Mr Mwangi said.
The hiring from international firms like Bank of America, Standard Chartered and Microsoft was informed by Equity’s quest to deepen its presence in the corporate segment of the banking market. This led to the recruitment of professionals from the diaspora over the past five years, some of who have already left the bank.
Mr Oduor joined Equity last October from Ecobank Transnational where he served as the chief financial officer.
Mr Otiwu was hired by the lender in September 2011 from British Telecom where he was the head of finance and treasury controller. But the lender is now looking inward for talent to man its executive suite.
Mr Staley, who joined Equity Bank in 2003 as director of operations, will be assisted by two general managers, Frederick Omondi and Sammy Ndetiu.
Mr Omondi joined the bank in 2004 while Mr Ndetiu was hired by the lender last year. The bank also appointed Joseph Iha to head its Tanzania subsidiary. Mr Iha has been with the bank since 2005 and served as executive director of the subsidiary.
Equity Bank announced a 22 per cent rise in first-quarter net profit to Sh3.21 billion, helped by cheap deposits and lending income. The bank has been one of the most-sought-after counters at the NSE, having gained 40 per cent over the past six months.
Foreigners now own 47 per cent of the lender compared to 40.82 per cent in October 2011. Its share has gained 53.2 per cent in the past year to Sh35.25, making it the most valuable bank at the NSE.
{Businessdaily}
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