The outgoing Group Chief Executive Officer of Ecobank Transnational Incorporated (ETI) Plc, Mr. Albert Essien, whose retirement takes effect tomorrow, will continue to act as Chief Executive Officer over the next two months as part of transitional arrangement pending the resumption of the new chief executive officer, Mr. Ade Ayeyemi.
ETI, the parent company of the Ecobank Group, in a regulatory filing outlined a two-part three-month transition period for the new Chief Executive.
Initially, Essien will act as the holding company’s chief executive for a two-month transition between the effective date of his retirement, June 30, 2015, and the resumption of his successor, Ayeyemi, on September 1, 2015. Essien will thus be acting group chief executive from Wednesday July 1 through August 31, 2015.
In the second part, on resumption of Ayeyemi on September 1, Essien will hold the role of Special Advisor for one month in order to assist the new group chief executive to settle down and facilitate the completion of a proper handing over.
The board of ETI had approved the retirement of Essien in line with the Ecobank Group policy, which requires the retirement of employees when they attain the mandatory retirement age of 60.
