Fam­ily Bank boss Thuku set to leave

Business Daily (Kenya) - - CORPORATE NEWS - Doreen Wainainah dwainainah@ke.na­tion­media.com Fam­ily Bank CEO David Thuku.

Fam­ily Bank CEO David Thuku will leave in six months af­ter three years at the helm of the lender. Dr Thuku re­placed Peter Mun­yiri in June 2016, af­ter the lat­ter’s con­tract ex­pired.

“The board of di­rec­tors would like to an­nounce that Dr David Thuku will be tran­si­tion­ing from the bank in six months’ time to pur­sue other per­sonal in­ter­ests,” said a state­ment from the bank sent to news­rooms yes­ter­day.

Dr Thuku was an in­sider hav­ing served as Fam­ily Bank’s Di­rec­tor of Re­tail Bank­ing since 2013 be­fore he took over from Mr Mun­yiri who was CEO for five years.

Prior to join­ing the lender, Dr Thuku held sev­eral se­nior po­si­tions over a pe­riod of two decades at Stan­dard Char­tered Bank and Bar­clays Bank. "We sin­cerely thank Dr Thuku for his im­mense con­tri­bu­tion to the Fam­ily Bank jour­ney and for over­see­ing the bank through a chal­leng­ing sea­son while steer­ing it back to prof­itabil­ity.

“As a board, we would like to wish him all the best in his new en­deav­our," said Wil­fred Ki­boro, chair­man of the board.

Mr Ki­boro an­nounced that Dr Thuku will con­tinue serv­ing as CEO un­til a sub­stan­tive re­place­ment is re­cruited and ap­proved by the reg­u­la­tor.

The lender laid off 150 em­ploy­ees across its branches in De­cem­ber in cost-cut­ting ef­forts.

It also closed a cou­ple of branches, stat­ing that the move would save it Sh36 mil­lion an­nu­ally.

The bank posted a net loss of Sh743 mil­lion in the nine months to Septem­ber 2017, com­pared to a net profit of Sh963 mil­lion in a sim­i­lar pe­riod the previous year.

The mid-sized lender has 91 branches and posted 46 per cent net in­ter­est earn­ings to Sh2.94 bil­lion in the nine months through Septem­ber 2017 from Sh5.47 bil­lion the previous year.

Its staff cost dropped by nearly a fifth or about Sh400 mil­lion to Sh1.6 bil­lion in the pe­riod.

--SALATON NJAU

LEAV­ING

Newspapers in English

Newspapers from Kenya

© PressReader. All rights reserved.