thierry tandoh, eti group ceo

Thierry Tanoh(left) and Albert Essien (right)

Ecobank Transnational Incorporated (ETI) has announced that its Group Chief Executive Officer (CEO), Thierry Tanoh stepped down from his position at the pan-African bank effective March 12, 2014.

A press statement issued by the bank recently said with Mr Tanoh?s exit, he ceases to be a director of the bank.

Mr Tanoh joined the Ecobank Group as CEO designate in July 2012 and commenced his executive role in October 2012 prior to his appointment as Group CEO in January 2013.

The statement said he will be replaced by Albert Essien, current Deputy CEO/Group Executive Director for Corporate and Investment Bank with immediate effect.

Mr Albert Essien has been at Ecobank for more than 20 years rising to the position of Deputy Group CEO two years ago.

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 (NIB) in Accra, Ghana and joined the Corporate Banking Department of Ecobank Ghana in 1990.

In 1997, he became Country Risk Manager. He was appointed Deputy Managing Director in 2001 and became Managing Director in December 2002.

Albert Essien holds a degree in Economics from the University of Ghana and is an alumnus of the Executive Development Programme of INSEAD (France/Singapore).

He is also an honorary fellow of the Chartered Institute of Bankers, Ghana.

Announcing the replacement, ETI Interim Chairman, Andr? 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.?

In his acceptance speech, Mr 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.

?We have faced challenges at the governance level in the recent past, but they are not insurmountable. We have put in place a detailed governance action plan, which will strengthen us to meet these challenges. We have put in place measures to improve our controls and systems as required, further to completion of all internal and external reviews.?

In line with a directive from the Securities and Exchange Commission of Nigeria, it said Laurence do Rego had been reinstated as Group Executive Director of Finance and Risk with immediate effect.

A business desk report

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