CEO succession crisis hits GTBank as 3 EDs, 6 GMs get sacked

It appears the recent shakeup exercise that resulted to the sacking of three (3) Executive Directors and six (6) General Managers of Guaranty Trust Bank (GTBank), has plunged the bank into a messy crisis. But that may not be the bone of contention as the financial institution has been reportedly having internal tussles over who will succeed the current Managing Director/Chief Executive Officer, Mr. Segun Agbaje, who would be retiring from the bank, after serving 10 years having been appointed MD/CEO in 2011 (the Central Bank of Nigeria’s (CBN) tenure limit for bank CEOs is a maximum of 10 years). This (tussle) some analysts believe might be the reason for the shakeup at the hierarchy.

Some of the affected senior staff were quoted by an online news medium to have said that the criteria used for sacking them was that all the GMs above the age of 45 should resign.

The five affected Executive Directors are; Bolaji Lawal, Jide Okunola and Ademola Odeyemi. While four of the six General Managers asked to retire are; George Uwakwe – GM Risk, Femi Akerewusi – GM Corporate Bank, Lagos Mainland, Segun Fadahunsi – GM Systems and Control Division and Subuola Abraham – Chief Compliance Officer. The two others were still unknown.

According to some online reports, the shakeup exercise is to pave way for the emergence of the next Managing Director/Chief Executive of the bank under a Holding Company (Holdco) structure.

It was gathered that the bank has appointed the replacement of the sacked high profile staff.

Those appointed include, John Thomas – MD West Africa, Bayo Vera Cruz – MD East Africa, Angela Koech – Regional CFO East Africa, Caleb Osei – Regional CFO West Africa, Olumide Oguntuase – Divisional Head ERM and Olayinka Odusote – Divisional head Digital banking.

Others are Osa Aimerioghene – CCO Compliance group, Muinat Lanre Kasim – Divisional Head Syscom and Ijeoma Esemudje – Divisional Head, Corporate bank/Mainland/Agric.

A highly placed source at the bank was reported to has disclosed that the selection process that started about eight months ago to choose a successor to the current Managing Director/Chief Executive Officer, Mr. Segun Agbaje, who would be retiring from the bank after serving 10 years , has been concluded. The source however, did not give any hint on who the successor may be.