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Dangote Cement Appoints Pathak as Group Managing Director, Announces Puchercos’ Retirement

The appointment of Pathak followed the planned retirement of Mr Michel Puchercos on February 28, 2023.

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Mr. Michel Puchercos

Dangote Cement Plc. has announced Mr Arvind Pathak as the company’s new Group Managing Director.

The company, in a statement issued on January 18, 2023, signed by Acting Company Secretary/General Counsel, Edward Imoedemhe and obtained by Investors King, said the appointment of Pathak followed the planned retirement of Mr Michel Puchercos on February 28, 2023.

Puchercos is retiring from the Board of Directors and as the Group Managing Director/CEO of Dangote Cement Plc and will be replaced by Pathak, the statement revealed.

Puchercos will leave the cement maker at the end of February after three years at the helm.

The new Group Managing Director’s tenure begins on 1 March, the statement further stated.

Imoedemhe described Pathak as an experienced business leader who worked as MD and CEO of Birla Corporation Ltd, a cement producer, before this appointment.

The statement also said that Pathak, with over 30 years of experience in the industry, was the Chief Operating Officer and Deputy Group Managing Director of Dangote Cement Plc until 2021.

The newly appointed MD is said to have bagged a degree in Electrical Engineering from the University of Roorkee now IIT Roorkee in 1980, and also obtained a postgraduate degree in Industrial Engineering and Management in 1982.

The statement entitled: “Notification of the Retirement of a Director and the Appointment of a Director” and released in Lagos, read in full, “This is to announce that after 3 years as Group Managing Director/CEO of Dangote Cement Plc (DCP), Mr Michel Puchercos will be retiring from the Board of Directors and as the Group Managing Director/CEO of Dangote Cement Plc (“the Company”) effective 28th February 2023.

“The Board has approved the appointment of Mr Arvind Pathak as Group Managing Director of Dangote Cement Plc (DCP), effective 1st March 2023.

“Mr Pathak is an experienced business leader who worked as MD and CEO of Birla Corporation Ltd before this appointment. Also, he was the Chief Operating Officer and Deputy Group Managing Director of Dangote Cement Plc until 2021.

“With over 30 years of experience in the cement industry, he has worked most of his tenure in turning around businesses, operations and maintenance of plants, as well as leading important greenfield projects.

“The appointment of Mr Arvind Pathak will be included in the Agenda at the next Annual General Meeting for ratification by the shareholders in accordance with the Companies and Allied Matters Act.

“The Board would like to thank Mr Michel Puchercos for his commitment and contributions to the Board and wishes him well in his future endeavours while welcoming Mr Arvind Pathak back to the Dangote family and wishing him success in his new role.”

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Appointments

Stanbic IBTC Rejigs Management, Appoints New Directors

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Stanbic IBTC - investorsking.com

Stanbic IBTC Holdings Plc has announced the appointment of new directors across its subsidiaries.

The Bank, a member of Standard Bank Group said in an issued statement signed by the Chief Executive Officer, Stanbic IBTC Holdings Plc, Dr Demola Sogunle that the appointments were in line with Stanbic IBTC’s succession plan and underscores its tradition of rewarding excellence, performance, and dedication.

Sogunle noted that the new appointees possessed the qualifications and experience required to deliver results in their new positions, having demonstrated the capacity to deliver on the group’s strategy to remain the leading end-to-end financial services organisation.

“We have a strong tradition of careful succession planning and a good track record of seamless transitions at different levels. With these appointments, we intend to strengthen our capabilities for better customer service delivery. At Stanbic IBTC, we are committed to growing our people because no organisation can progress without placing a high premium on its human capital and investing in the growth trajectory of its staff.”

Investors King confirms that the appointees include Babs Omotowa as an Independent Non-Executive Director, Olu Delano as an Executive Director, Stanley Jacob as Chief Executive of Stanbic IBTC’s proposed fintech subsidiary, Stanbic IBTC Financial Services Limited, and Adenike Odukomaiya and Okechukwu Nwoke as Non-Executive Directors.

Other appointments are Brian Marshal and Tosin Leye-Odeyemi as Non-Executive Directors of Stanbic IBTC Capital Limited and Stanbic IBTC Trustees Limited, respectively. Charles Onwude and Dele Sotubo became Non-Executive Directors of Stanbic IBTC Ventures Limited. Charles Onwude was also appointed to serve as a Non-Executive Director of Stanbic IBTC Stockbrokers Limited.

The CEO urged them to contribute their quota to the organisation’s development as they discharge their duties in the new role.

“I am confident that the expertise and experience of the new appointees will positively impact the group and further accelerate the achievement of our business goals and objectives.”

He pledged that the organisation would continue to uphold the culture of elevating its employees to take up higher responsibilities.

“Stanbic IBTC would unceasingly invest in training and retraining its staff to ensure a professionally driven workforce that would deliver optimal customer value with a pool of requisite skills, competencies, and capabilities.”

 

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Moruf Oseni Emerges Wema Bank MD/CEO, As Ademola Adebise Retires

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Wema Bank- Investorsking

Motif Oseni on Friday emerged as the new Managing Director of Wema Bank after being appointed by the Bank’s Board of Directors, this development came amid the retirement of the former Managing Director Ademola Adebise.

This was made known through a press statement released on the Nigeria Stock Exchange website.

It was revealed that Ademola Adebise will remain the CEO of the bank until 2 January 2023 and will be relieved of his duties through a terminal leave.

Ademola Adebise joined the bank in 2009 as an Executive Director and ascended to the position of Deputy Managing Director in 2015.

He expanded the bank’s operations to other parts of the country and also ensure the first dividend payment in 13 years. For the past four years, the bank has been consistent with dividend payments.

He rose to the position of Chief Executive Officer of the bank in June 2018 and has helped the bank grow its Total assets by 155%, with a combined increase from N450 billion to N1.2 trillion.

Moruf Oseni, who is set to take over as the Managing Director joined the bank in June 2012 with 25 years of experience in the banking industry and 16 years at Senior and Executive Management.

He currently holds the responsibility for the Digital Optimization Directorate which includes – Digital, Retail, Treasury, Operations, and Technology Divisions.

 Moruf is also the Executive Compliance Officer of the Bank. He supervised the launch of ALAT – Nigeria’s 1st digital Bank that has received local and global awards and multiple accolades.

Moruf Oseni was the former Chief Executive Officer of MG Ineso Limited, a principal investment and financial advisory firm, he also boasts of a degree from the Institut European d’Administration des Affaires (INSEAD) in France, a Master’s in Finance (MiF) from the London Business School and a B.Sc. in Computer Engineering from Obafemi Awolowo University (OAU), Ile-Ife, Nigeria.



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Wema Bank Reshuffles Management Team, Assigns New CEO

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wema bank - Investors King

Wema Bank Plc has announced a reshuffle of its management team and the retirement of its Managing Director/CEO, Ademola Adebise, who will go on terminal leave for the first quarter of the year.

Ademola Adebise who came into the bank as an Executive Director in 2009, rose through the cadre to become Managing Director/Chief Executive Officer of the bank in June 2018 after previously working as Deputy Managing Director for three years.

Adebise whose retirement will take full effect on March 31, 2023, expanded the bank’s outreach to all parts of the country and ensured the first dividend payment in 13 years including consistent paying of dividends in the last four years, Investors King research has shown.

Adebise saw the creation of the bank’s digital banking platform ALAT, Nigeria’s 1st digital bank and is currently ranked top in the KPMG Digital Scorecard for leading retail banks in Nigeria. A ranking based on in-depth insights into the state of user experience on retail banks’ digital channels.

Adebise will be succeeded by Moruf Oseni, the current Deputy Managing Director who joined the bank in June 2012 as an Executive Director. He has over 25 years of experience with more than 16 years at senior and executive management levels.

Oseni holds an MBA degree from the Institut European d’Administration des Affaires (INSEAD) in France, a Master’s in Finance (MiF) from the London Business School and a B.Sc. in Computer Engineering from the Obafemi Awolowo University (OAU). He is also an alumnus of both the Advanced Management Program (AMP) of the Harvard Business School and King’s College, Lagos.

Oseni will be joined on the management team by Wole Akinleye who is now the new Deputy Managing Director and Tunde Mabawonku appointed as the new Executive Director.

According to a statement by the bank, Wema Bank is the leading collection bank for state and government agencies owing to its efficient platform and the bank will be looking to retain that spot under its new leadership in 2023 as well as improve its total assets which has grown by 155 per cent, from N470 billion to over N1.2 trillion and ensure deposits grow from its current N1.1 trillion by the end of the year.

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