Commercial Bank of Ethiopia, which has been undergoing massive reshuffles, appointed four new vice presidents to fill executive positions left open after recent reassignments and departures.

Muluneh Aboye, Emebet Melese, Ephraim Mekuria and Dereje Etecha were appointed as vice presidents of credit management, credit underwriting, internal services and banking services, respectively.

While Muluneh and Dereje came from Awash Bank, Emebet and Ephraim served as directors of credit management and communication at the state bank. Muluneh replaced Asaminew Derbew, while Dereje assumed the position formerly held by the current acting Chief Business Officer, Fikresilassie Zewdu.

Fikresilassie’s position was held by Mulugeta Alemayehu, who served for over half a decade before leaving to assume the presidency of Bunna Bank.

Emebet, who replaced Wondale Belachew, was in the lead to head the Bank’s new mortgage scheme for the diaspora last August. She is a PhD candidate with over a decade and a half experience in the industry.

“She is capable and dedicated,” said a source who has over a decade of experience at the company.

Wondale, who is now on leave, served as vice president of credit underwriting for over half a decade. Vice president of credit management, Asamnew, is also on leave.

With the new structure, the Bank now has eight chief officers and 11 vice presidents.

In the last five months, the Bank underwent a major reshuffle where six of its eight executive officers left. Sources close to the Bank disclose that they left following disagreements with the new management system that is underway and directed by the new president, Bacha Gina. The long-serving secretary to the president, Abeba Asgedoum, has been on leave for weeks.

“Some of the executives are currently on leave,” said one senior management member. “But based on the recent trends, no one will probably be returning.”

The longest-serving executive still at the Bank, Melika Bedri, has continued serving as chief of finance.

The new president has also started assigning new management members at director levels. In a recent move, the company brought new faces to the Bank, including for the positions of credit work out and credit management.

“For a company with such a vast employee base, bringing officials from the outside for directorships is not logical,” argued one insider, who spoke on the condition of anonymity.

Since the arrival of President Bacha, who had served as vice president and assistant vice president of the Cooperative Bank of Oromia and Awash International Bank, six of the Bank’s senior management members have left.