{"id":5526,"date":"2014-03-11T19:44:31","date_gmt":"2014-03-11T19:44:31","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=5526"},"modified":"2014-03-12T07:10:18","modified_gmt":"2014-03-12T07:10:18","slug":"ecobank-names-albert-essien-to-replace-thierry-tanoh-as-ceo","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2014\/03\/ecobank-names-albert-essien-to-replace-thierry-tanoh-as-ceo\/","title":{"rendered":"Ecobank names Albert Essien to replace Thierry Tanoh as CEO"},"content":{"rendered":"<figure id=\"attachment_5527\" aria-describedby=\"caption-attachment-5527\" style=\"width: 300px\" class=\"wp-caption alignright\"><a href=\"http:\/\/4cd.e16.myftpupload.com\/wp-content\/uploads\/2014\/03\/Albert-Essien.jpg\"><img loading=\"lazy\" class=\"size-medium wp-image-5527\" alt=\"Albert Essien\" src=\"http:\/\/4cd.e16.myftpupload.com\/wp-content\/uploads\/2014\/03\/Albert-Essien-300x225.jpg\" width=\"300\" height=\"225\" srcset=\"https:\/\/citifmonline.com\/wp-content\/uploads\/2014\/03\/Albert-Essien-300x225.jpg 300w, https:\/\/citifmonline.com\/wp-content\/uploads\/2014\/03\/Albert-Essien.jpg 480w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-5527\" class=\"wp-caption-text\">Albert Essien<\/figcaption><\/figure>\n<p><cite><\/cite>Ecobank Transnational Inc. (ETI)\u2019s board nominated Albert Essien to replace Thierry Tanoh as chief executive officer at the lender that operates in the most nations in\u00a0Africa.<\/p>\n<p>Tanoh\u2019s term as CEO and a director at the company will end tomorrow, the Lome, Togo-based bank said in an e-mailed statement today. Essien was deputy CEO and group executive director for corporate and investment banking. Laurence do Rego is reinstated immediately as group executive director of finance and risk, the bank said.<\/p>\n<p>The lender\u2019s largest shareholder,\u00a0South Africa\u2019s Public Investment Corp., had called for Tanoh to quit after allegations of mismanagement, which he denies. The board met today in Cameroon\u2019s capital, Yaounde, after an extraordinary general meeting last week in Lome. Shareholders decided to keep the 12-member board and approved a plan to improve corporate governance following recommendations by Nigeria\u2019s Securities and Exchange Commission.<\/p>\n<p>\u201cWe have faced challenges at the governance level in the recent past, but they are not insurmountable,\u201d Essien said in the statement. \u201cWe have put in place a detailed governance action plan which will strengthen us to meet these challenges. We have put in place measures to improve our controls and systems as required, further to completion of all internal and external reviews.\u201d<\/p>\n<p><strong>Shares Decline<\/strong><\/p>\n<p>Nigeria\u2019s regulator investigated the lender after do Rego told the SEC in August that Tanoh and former Chairman Kolapo Lawson planned to sell assets below market value. Do Rego said she was pressured to write off debts owed by a business headed by Lawson and manipulate the bank\u2019s results. Tanoh and Lawson have denied any wrongdoing.<\/p>\n<p>Ecobank\u2019s shares\u00a0listed in Lagos, Nigeria\u2019s commercial capital, declined 3.3 percent to 14.50 naira at the 2:30 p.m. close, extending this year\u2019s fall to 10 percent.<\/p>\n<p>Tanoh\u2019s mobile phone was busy when called for comment and he didn\u2019t immediately reply to an e-mail.<\/p>\n<p>&nbsp;<\/p>\n<p>Credit: Bloomberg<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ecobank Transnational Inc. (ETI)\u2019s board nominated Albert Essien to replace Thierry Tanoh as chief executive officer at the lender that operates in the most nations in\u00a0Africa. Tanoh\u2019s term as CEO and a director at the company will end tomorrow, the Lome, Togo-based bank said in an e-mailed statement today. Essien was deputy CEO and group [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":5527,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[19],"tags":[4],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ecobank names Albert Essien to replace Thierry Tanoh as CEO - Citi 97.3 FM - Relevant Radio. Always<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/citifmonline.com\/2014\/03\/ecobank-names-albert-essien-to-replace-thierry-tanoh-as-ceo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ecobank names Albert Essien to replace Thierry Tanoh as CEO - Citi 97.3 FM - Relevant Radio. 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