The board of Zenith Bank Plc has announced the retirement of Dr Adaora Umeoji as the Deputy Managing Director of the bank.
This was announced in a corporate action that was filed with the Nigerian Exchange and obtained by Nairametrics.
More details: According to the notice, Umeoji resigned following the new CBN regulatory guidelines that put a timeline on the cumulative number of years senior bank officers could occupy executive board positions.
According to the statement signed by Company Secretary/General Counsel Michael Out, the resignation took effect on February 24. 2023.
Profile of Umeoji: With over 20 years of cognate banking and broad executive management experience, Dr Adaora Umeoji rose through the ranks to her current position.
She holds a Bachelor’s degree from the University of Jos, an MBA from the University of Calabar and a Doctorate in Business Administration from Apollos University, Great Falls, Montana, USA. Her dissertation was on inspirational leadership and her findings have been recognized as a major contribution to leadership and people management.
She was trained in strategic thinking and management at Wharton Business School, Pennsylvania, USA and also holds a Certificate in Management from Harvard Business School, Boston, USA. Umeoji was appointed to the Board on October 9, 2012.
What you should know: The CBN recently issued a new regulatory guideline specifying the new tenure limits for bank MDs, Deputy MDs and directors.
Specifically, the guidelines, among other conditions, stipulate that the tenure of Executive Directors (EDs), Deputy Managing Directors (DMDs) and Managing Directors (MDs) shall be in accordance with the terms of their engagement approved by the Board of Directors of the banks, subject to a maximum tenure of ten (10) years.
Since the new directive was unveiled on February 24, Checks by Nairametrics revealed that many prominent bank executives and non-executive board members have had no choice but to resign.
The guidelines further stated that where an Executive who is a DMD becomes the MD/CEO of a bank or any other DMB before the end of his/her maximum tenure, the cumulative tenure of such Executive shall not exceed twelve (12) years.
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