Outgoing Ecobank Kenya managing director Tony Okpanachi (right) speaks to journalists to announce the appointment of his successor, Ehouman Kassi Mr Kassi has worked for Ecobank Group for close to two decades and has also served as MD for Ecobank in Cote d’Ivoire and Senegal. Photo/COURTESY
Kenyan banks are hiring chief executives at the quickest pace, ushering in new leaders in an industry that has maintained double-digit growth over the past five years.
Ecobank became the seventh bank on Friday to unveil a new chief executive since last August as the lender races to recover from the industry’s biggest loss in years.
The Togo-based lender has replaced Anthony Okpanachi, who has been managing director since 2008 with Ivorian Ehouman Kassi, formerly managing director at Ecobank Development Corporation.
Bank CEOs who have exited include Martin Oduor-Otieno (KCB), Reuben Marambii (NBK), Adan Mohamed and James Macharia who left Barclays and NIC banks respectively for Cabinet positions. Others are Imperial Bank’s Peter Harris and Ndegwa Wachira of Consolidated Bank who retired.
Unlike before when most of the CEOs were perceived to have been replaced due to lacklustre performance by their companies, these exits were based on retirement and the individuals’ pursuit of other interests.
Mr Okpanachi moves to the bank’s Nigeria affiliate in undisclosed position and the change follows a net loss of Sh1 billion the mid-tier lender posted last year on costly deposits. The bank has since returned to the profit zone on cheap deposits.
“Mr Kassi will be seeking to bolster its (Ecobank) corporate and trade finance as well as its retail businesses in the region,” Ecobank Kenya said in a statement.
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