FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers New TRADE AFRICA New

Fortune Logo

 Dispute with Directors Leads Berhan Bank’s President to Step Down

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.

Put your comments here

N.B: A submit button will appear once you fill out all the required fields.



Related Posts

Share This Post
Linkedin
Google+


Most read

Latest News

Editor's pick

Commentaries

Stale Exchange Rates Hide Costs During Debt-for-Equity Conversions

Companies hungry for cash face a familiar choice of either borrowing and repaying wit...

Flower Export Reforms Put Vital Partnership on the Test

A long-overdue update to the floriculture export regime is taking effect, but it arri...

Fineline

Leaders of the National . . .

Leaders of the National Election Board are in a charm offensive mood, of a sort. Last week, they organised a rare tour for members of the me...

When the country’s most. . .

When the country's most senior diplomats and envoys return back to their posts after two-week debriefings, they leave behind a point or two...

Editorial

The Human Flight a Failure of Political Imagination, Not a Mere Economic Policy

Oct 11 , 2025

Ladislas Farago, a roving Associated Press (AP) correspondent, arrived in Ethiopia in...

Central Bank Loosens Credit Reins But Stops Short of Bold Overhaul

Oct 4 , 2025

Eyob Tekalegn (PhD) had been in the Governor's chair for only weeks when, on Septembe...

Exam Policy Fails the Test of Justice, Deepening Inequality, Disillusion

Sep 27 , 2025

Four years into an experiment with “shock therapy” in education, the national moo...

Addis Abeba's Setback Rules Leave Homes Flattened, Voices Silenced

Sep 20 , 2025

Getachew Reda's return to the national stage was always going to stir attention. Once...

Gallery

Parliament Approves New Cabinet Members

Oct 6 , 2021

Parliament Approves New Cabinet, Incorporates Opposition Leaders Lawmakers have approved today the nominations of 22 ministers, including three opposition leaders. Two MPs have voted against, while 12 abstained...

2020 in Posterity

Jan 5 , 2021

TIGRAY VOTES DESPITE "NULL & VOID" THREAT

Sep 9 , 2020

IN-PICTURE: LAUREATE'S RECEPTION  

Dec 14 , 2019

PM Abiy Ahmed (PhD) at a Gala Dinner Called for the Awarding of the Félix Houphouët-Boigny Peace Prize

May 6 , 2019

Faces, Voices of Addis Abeba

Apr 26 , 2019

Sunday With Eden

The Power of Staying Unexplainable

There's a version of us that lives in our parents' minds, the child they raised, frozen in time no matter how old we get. Another version ex...

Arrivals, Departures, and the Human Heart

Airports are not just hubs of transportation. They are emotional crossroads, places where laughter welcom...

Life Matters

The Savior Complex, When Helping Hurts

I have this one friend who absolutely amazes me. She's fiercely loyal, always trying to help, and practic...

When the Price of Survival Becomes the Ultimate Luxury

From daily observations I can no longer ignore, one truth has become impossible to shake: the very struct...