Terry Davidson will be stepping down in next few months with his role already being advertised http://www.kcb.co.ke/downloads/KCBCEO.pdf. The guy has done much to turn around KCB including:
-Refreshing its brand and branch network
-Continuing the balance sheet cleaning-up started by Gareth George including and especially that political loans that were never going to be repaid
-Spent extensively on upgrading its IT system
-Creating an expansive but cautious strategy for growth. KCB now has branches in TZ and Juba, Sudan
So it has come as a bit of shock! The timing seems weird with annual results due out in the next few weeks and the strategy that the CEO set a few years back only some of the way through. There is much to do in terms of setting the bank on par with BBK and StanChart.
As a shareholder, I’d sell and wait until I knew who the new CEO was and what direction he/she was going to take KCB.
2 comments:
A pity he is leaving... I wonder if kirubi & mbaru will influence the selection of the new CEO...
CT, don't forget that KCB is a govt busi to all intents and purposes. So they will also influence the appointment. I think unless they can poach someone from one of the other banks, they should give it to Martin Odowour for continuity-sake if nothing else.
Post a Comment