Tefera Wondimu, CEO of Lucy Insurance, resigned from his post on February 2, 2020, after serving the company for 22 months.

The board of the company appointed Tewodros Teklu, the executive officer for finance and resources at Lucy, as acting CEO to replace Tefera.

Tefera, in his 60s with four decades of experience in the industry, tendered his resignation letter on December 2, 2020. And Lucy's board of directors, which is chaired by Kelemu Sinke, accepted his resignation after two weeks.

“I am resigning to start my own business,” Tefera, who spent his entire professional life in the insurance industry, told Fortune.

Tefera, who graduated in law from Unity University in 2014, worked at Ethiopian Insurance Corporation for 18 years, at Nile Insurance for seven years, at United Insurance for 12 years and at Africa Insurance for a year before joining Lucy Insurance. He served in different capacities in the industry including operational, managerial and executive positions.

Apart from his contributions to the insurance industry, Tefera participated in research activities conducted by the Ethiopian Insurance Association. He served as a council member of the arbitration of the Addis Abeba Chamber of Commerce & Sectoral Association. He also wrote articles for the Ethiopian Insurance Professionals Association.

Tefera's incumbent Tewodros has over 23 years of experience in the insurance industry in various positions. He has a master’s degree from Camaguey University in Cuba in accounting & finance. He also has different certificates in management and leadership. Tewodros has been serving in the finance department of Lucy since the company's establishment.

Tewodros received the letter of appointment on January 1, 2020, and will assume office as of February 3, 2020.