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PUBLICATION - Jeremy Awori to succeed Ade Adeyemi as Ecobank Group CEO
Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, has
announced that a new Chief Executive Officer, Jeremy Awori will succeed Ade Ayeyemi upon his retirement at age 60.
According to disclosure to the exchange, signed by Madibinet Cisse, Company Secretary, this is in line with the company’s policy.
While the board selected Awori to succeed Ayeyemi as Group Chief Executive Officer, the relevant effective date is expected to be communicated in due course.
What they are saying
Ade Ayeyemi expressed his deep gratitude for the opportunity to lead the Ecobank Group. He stated, “It is a privilege to lead an amazing team of Ecobankers in bringing the Ecobank Group back to growth and continuing to realise our commendable pan-African mandate.” He also expressed his commitment to a smooth transition and onboarding of his successor.
Responding to the announcement of his appointment, the incoming Group CEO, Jeremy Awori, said, “It is a great honour to be appointed Ecobank Group’s Chief Executive Officer. I look forward to consolidating the transformation of Ecobank, a truly pan-African institution full of talented people, while innovating to create value for all Ecobank’s stakeholders. I am humbled by the opportunity to contribute to the continent’s economic development and financial integration with Ecobank Group”
Speaking to the contribution of Adeyemi to the growth of the bank over the years, Alain Nkontchou, Ecobank Group Chairman, said, “Ade can be rightly proud of his success in leading the implementation of the Roadmap to Leadership strategy, navigating Ecobank through challenges, seizing opportunities, and positioning Ecobank for sustainable long-term growth. Ade’s deep knowledge, unrivaled vision, commitment and infinite passion made all the difference. It has been a real pleasure working with him. I count on his continuous support to ensure a smooth transition as we onboard Jeremy Awori as the new Group CEO.”
He added, “Jeremy Awori is a highly respected leader in the banking industry with significant achievements in his previous capacities. The Board of Directors strongly believes that his drive and strong focus on results will be vital in steering the Group in its next phase.”
What you should know
Jeremy Awori is joining Ecobank Group following a twenty-five-year-long career in the banking industry, with almost a decade leading Absa Bank Kenya Plc as the CEO & Managing Director.
Before joining Absa, Jeremy held multiple leadership roles at Standard Chartered Bank across the Middle-East and Africa. He brings a wealth of experience, skills, and industry know-how to the Ecobank Group.
Nairametrics reported that Ecobank Group has reported 24% growth in unaudited H1 2022 profit before tax to $261 million from $210 million posted the prior-year period.
According to the group in a statement, if adjusted for the impact of foreign currency translation (or at constant currency), PBT increased by 53%, driven by positive operating leverage.
In addition, PBT increased in each of its business lines with Corporate and Investment Banking (CIB), Consumer Banking (CSB) and Commercial Banking (CMB), growing their PBTs by 33%, 43%, and 15%, respectively, in the first half of 2022.