Nairobi, KENYA: Equity Group Founder and Chairman Dr. Peter Kahara Munga has officially retired at the age of 75 after having been at the helm of steering the growth of the banking institution for 35 years.
According to a statement sent to newsrooms, Dr. Munga who has been the founder and chairman since 1984 expressed his desire to retire from the Board to mark his 35 years of service as he celebrates his 75th birthday.
He has been replaced by Kenyan American Mr. David Ansell who was the Vice Chairman of the Group. The two are expected to work collaboratively to ensure a smooth transition is completed by the time of the next AGM in 2019.
Dr. Munga will be remembered for his leadership and wisdom which led the bank from a small village building society to become the largest financial services provider in the region.
The bank has won several awards under his leadership; in 2007, Equity won the Global Vision Award and was cited as a concept of the future that will shape the world economy.
Also, in 2008, it was named the African Business of the Year by the African Business Council and In 2012, Equity Bank was recognized by Ernst and Young as the World Business Enterprise of the Year, while the CEO Dr. James Mwangi was named the World Entrepreneur of the Year.
In their tribute, the Board appreciated his long service, wisdom and leadership style which allowed them to discuss matters openly and candidly in an environment of trust.
“He had created an environment and strong governance structure with the ability to attract talent both at the Board level and at the executive level.” read the statement
In his 35 years of outstanding service, Dr. Munga has led the bank through dynamic times in the banking industry, starting with its critical role in democratizing banking in Kenya and the region.
He retires at a time when Equity Group is a market leader at its peak, having set a trend of winning national, regional and global awards and accolades.
For ten years in a row since 2007, Equity Bank has been named the Top Banking Superbrand in Kenya and in East Africa in 2008 and 2009.
Mr. David Ansell, who has been named the Chairman Designate has been serving as the Non-Executive Vice-Chairman.
He holds a Bachelor’s degree in Mathematics from the University of North Carolina at Wilmington, a second Bachelor’s degree in Finance from the Thunderbird Graduate School of International Management and an Advanced Management Degree (AMP) from the Wharton Business School.
He was first appointed as a Director of Equity Bank in 2012 and has been the Non-Executive Vice-Chairman of Equity Group Holdings Plc. He has been serving in various capacities on the Boards of the Equity Group subsidiaries.
During his working career, he served in various assignments at Citibank in the Emerging Markets, including 16 years in Africa. He has served as President of Citibank Russia and later as Managing Director and the first CEO of Ecobank Transnational Inc, located in Lome, Togo.