Viewpoints | Dec 02,2023
Nov 3 , 2023
Berhan Bank’s President, Girum Tsegaye, tendered his resignation yesterday, November 2, following undisclosed disagreements with the Bank’s board of directors, chaired by Gumachew Kussie, signalling potential strategic discord at the financial institution he helped navigate through a challenging period.
Girum, who took the helm at Berhan Bank 20 months ago, was at the forefront of steering the Bank back to profitability following a year that saw its net profit plunge by 65pc to 195 million Br and shareholders’ returns fall by 71pc to 74 Br. Under his tenure, the Bank made a turnaround, raising its dividend from 3.3pc in 2021 to 7.7pc last year, despite performance remaining below the industry’s average.
“I consider this a great success,” the President told Fortune, declining to disclose the reasons for his disagreements with the Board.
The Board promptly filled the executive vacuum created by Girum’s departure, appointing Solomon Assefa as the interim President.
Solomon, 51, is an Addis Abeba University economics graduate and a veteran banker, with stints at the now defunct Construction & Business Bank (CBB), the National Bank of Ethiopia (NBE), and Nib Bank, where he amassed a diverse experience ranging from business development to international banking over the years.
Berhan Bank, which has been navigating what industry insiders describe as “turbulent waters,” will hold its annual shareholders meeting in November, where disclosure over the executive transition is expected to be disseminated.
Viewpoints | Dec 02,2023
Fortune News | Feb 26,2022
Fortune News | Jul 15,2023
Viewpoints | Dec 15,2024
My Opinion | 119962 Views | Aug 14,2021
My Opinion | 116034 Views | Aug 21,2021
My Opinion | 114766 Views | Sep 10,2021
My Opinion | 112589 Views | Aug 07,2021
Jan 4 , 2025
Time seldom passes without prompting reflection, and the dawn of 2025 should nudge Et...
Dec 28 , 2024
On a flight between Juba and Addis Abeba, Stefan Dercon, a professor of economic poli...
Dec 21 , 2024
The main avenues and thoroughfares of Addis Abeba have undergone an impressive faceli...
Dec 14 , 2024
Ethiopia's monetary policy has shifted conspicuously in recent years. Gone is the era...