Jan 25 , 2020
By SEBLE WONDEMAGEGN ( FORTUNE STAFF WRITER )
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.
If approved by the central bank, Tewodros will be the third CEO of the eight-year-old company. Prior to the outgoing head, Alemseged Abraham served as the founding CEO of Lucy Insurance since its establishment.
The company notified the National Bank of Ethiopia (NBE) of the appointment of Tewodros and is awaiting the Bank's approval, according to Kelemu Sinke, Lucy's board chairperson.
“It requires a lot of time to search for a new CEO," said Kelemu, "so, we decided to look for capable candidates in-house."
Tewodros says that he will be focusing on improving the income of Lucy, starting from identifying gaps in the company's internal structure.
“Profit has significantly declined in the last fiscal year," said Tewodros. "It demands a lot of work to improve that."
In the last fiscal year, the company earned 6.8 million Br before tax. It was a significant fall from the 26 million Br net profit the company made in the preceding fiscal year.
Tewodros also says that the company is expanding its ICT infrastructure and will introduce various new insurance packages. Currently, Lucy provides property, engineering, liability and pecuniary insurance services.
Established in 2012 with 39 shareholders and paid-up capital of eight million Birr, the company's shareholders reached 513 as of September 30, 2019. It operates with 13 branches in Addis Abeba including its head office, and four branch offices in Hawassa, Adama, Mekele and Wolaita Sodo.
PUBLISHED ON Jan 25,2020 [ VOL 20 , NO 1030]
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