Amhara Bank Fired its CEO and Chief of Corporate Services
Amhara Bank recently made a significant announcement
regarding a major shakeup in its top leadership, disclosing the dismissal of
its CEO, Mr. Henock Kebede, and the Chief of Corporate Services, Mr. Kende
Abebe. The decision, endorsed by the bank's board on Friday, December 8, 2023,
stems from the alleged involvement of these executives in causing a staggering
loss exceeding 460 million birr during a period marked by several management
crises.
In a detailed communication sent on behalf of the bank's
board chairman, Mr. Melaku, and circulated among board members, the root cause
of their removal was attributed to poor performance. The letter cited an
ongoing pattern of underachievement, highlighting the executives' inability to
meet the bank's strategic goals and key performance standards since the
inception of their roles.
Despite a vision to register a profit surpassing 306 million
birr in the fiscal year 2014/15 E.C, the bank found itself grappling with a
substantial loss, a discrepancy the board attributes directly to the leadership
of Mr. Henock Kebede and Mr. Kende Abebe. The communication expressed the
board's disappointment in their failure to steer the bank towards financial
success.
Acknowledging the urgency of the situation, both Mr. Henock
Kebede and Mr. Kende Abebe were promptly notified of their removal and were
urged to resign from their positions voluntarily. The decision was effective
immediately, leading to the temporary appointment of Mr. Chanyalew Demissie,
the senior manager of banking services, as the acting CEO starting from
December 9.
Amhara Bank, a robust financial institution established less
than a year ago with an impressive capital of 6 billion birr, boasts a
considerable shareholder base of 171 thousand individuals. The bank's quick
ascent and subsequent challenges highlight the delicate nature of the financial
sector and the imperative for effective leadership to navigate complexities
successfully. The board is now tasked with identifying new leadership capable
of steering Amhara Bank towards its envisioned profitability and sustainable
growth.
Share this post:
Share on Facebook Share on Telegram Share on LinkedInRelated Posts
- Zemen Insurance Became the First Insurance Firm to Invest in ESX
- Hibret Bank Invested 50 Million Birr in Ethiopian Securities Exchange
- ECMA Launches Ethio Telecom Share Sale
- Awash Bank Acquires a significant Stake in Ethiopian Securities Exchange
- Ethiopia Enters Bitcoin Mining Partnership