Why GTBank sacked top managers

To pave the way for the emergence of Miriam Olusanya as Managing Director/Chief Executive of Guaranty Trust Bank after Mr Segun Agbaje, the bank’s management has let go three executive directors and six general managers.

The shake-up, which is meant to take effect by May 31, 2021, affected three EDs – Bolaji Lawal, Jide Okunola and Ademola Odeyemi – who were disengaged for early retirement.

Criteria used for the shake-up, Financial Street learnt, was that all the GMs above the age of 45 should retire.

Coming barely four days after an unhealthy boardroom politics claimed the seats of First Bank’s Board of Trustees led by Mrs Ibukun Awosika, and top executives of FBN Holdings Plc, who were axed by the Central Bank of Nigeria for alleged mismanagement of the bank.

Also, six GMs were affected in the shake-up. They are George Uwakwe (Risk), Femi Akerewusi (Corporate Bank, Lagos Mainland), Segun Fadahunsi (Systems and Control Division) and Subuola Abraham (Chief Compliance Officer).

However, new senior appointments were also made.

They include John Thomas (MD, West Africa), Bayo Vera Cruz (MD, East Africa), Angela Koech (Regional Chief Finance Officer, East Africa) and Caleb Osei (Regional CFO, West Africa).

Others are Olumide Oguntuase (Divisional Head, ERM), Olayinka Odusote (Divisional Head Digital Banking), Osa Aimerioghene (CCO Compliance Group), Muinat Lanre Kasim (Divisional Head Syscom) and Ijeoma Esemudje (Divisional Head, Corporate Bank/Mainland/Agriculture).

“The new appointments follow the conclusion of a selection process that started about eight months ago to choose a successor to the current MD/CEO, Mr Segun Agbaje, who would be retiring, after serving the bank for almost 10 years,” said an industry source.

The CBN’s tenure limit for bank CEOs is 10 years.

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