Equity Bank has notified the NSE, Capital Markets Authority and CBK of its decision to reorganize its finance function both at the Group level as well as the Kenyan subsidiary. The Board reached this decision following transitions that have taken place at the top level management of this function within the Group.
Releasing the new structure, the Chief Executive Officer of Equity Bank Group Dr James Mwangi said; “the Board has approved the promotion of John Staley to an expanded role of Chief Officer in charge of Finance, Innovation and Technology. He will be supported in the finance role by two senior executives, Fredrick Omondi as the General Manager Finance – Financial Controls & Systems and Sammy Kamanthi Ndetiu as the General Manager Finance – Business Performance & Financial Reporting.” In addition, the Board has promoted Joseph Iha currently Executive Director Equity Bank Tanzania to the position of Managing Director.
Dr Mwangi added “The Board has considered internal promotions to tap into the depth, experience, capacity and the cultural strength existing within the Group. The growth of Equity Bank into a global brand in recent times has attracted highly talented professionals especially from the Diaspora and many qualified individuals are choosing to return home and offer their skills working for rapidly regionalizing corporations particularly in the financial services which have grown from a consolidated balance sheet of KShs 200 billion to over KShs 2 trillion over the last ten years. The immense growth of the sector has strained the human resource base within the industry and created significant demand for qualified human resource. Dr Mwangi further noted that Equity Bank has invested heavily in training and leadership development especially at the middle level management and will therefore continue to tap within the internal resource pool to fill the vacancies which may arise from intensified demand for professional staff.
As a market leader in customer efficiency and profitability, banks are tapping into Equity Bank’s talent through vertical movement.