Sterling Bank has announced the retirement of Mr. Yemi Adeola as its Managing Director/Chief Executive.
Adeola was appointed Managing Director of the Bank in February 2009. Prior to his appointment, he was Executive Director, Corporate and Commercial Banking. His retirement comes after 30 years of meritorious service in the Banking industry.
Meanwhile, Mr. Abubakar Suleiman was appointed Managing Director/Chief Executive with effect from 1st April, 2018. He currently serves as the Executive Director, Finance and Strategy at Sterling Bank. He was named Chief Financial Officer in 2012 and appointed to the Board in April 2014 with responsibility for the financial performance of the company and directly oversight of the Finance & Performance Management, Strategy & Innovation, Branding & Communication, and Human Resource Management Departments. He is also the executive sponsor of the Bank’s Non-Interest Banking business (Sterling Alternative Finance).
In a statement announcing the appointment, Chairman of the Board of Directors, Sterling Bank, Mr. Asue Ighodalo said: “Over the years, Abubakar (Abu) has developed an outstanding strategic and operational track record across all our business areas and great relationships with customers and other stakeholders in key areas of our businesses.
“ His appointment is a result of a rigorous and wide-reaching process conducted as part of our succession planning and we look forward to him leading our Bank through the next stage of its development. Abu’s appointment has already received all mandatory regulatory approvals”.
Ighodalo, who commended the outgoing CEO stated that since Yemi’s appointment , he has overseen a period of strong growth in market share and profitability with the institution moving from the 23rd ranked bank measured by assets to the top half of the domestic banking market.
“On behalf of the Board and all our colleagues, I thank first and foremost his family for their sacrifice, and Yemi himself for his outstanding service to the Bank and exceptional leadership while trusting that we can continue to call upon his counsel as ‘Emeritus CEO’, notable shareholder and friend of the Bank”, he said.
In his response, Yemi Adeola, said: ‘Our Bank has grown materially in all respects over the past decade moving from being a marginal player on the fringes, to an established operator trusted by millions of people today. The achievements highlighted by the Chairman in his remarks have required huge personal sacrifice on the part of many people. I am extremely grateful to all of them for their support and know that Abu and his team can continue to count on this support in the months and years to come”.
Meanwhile, the newly appointed CEO, Suleiman expressed gratitude to the bank for appointing him as the CEO.
His words: “I am deeply humbled but delighted to be stepping into the CEO’s role at this time. Over the past decade under Yemi, our share of the banking market has grown significantly, and our brand has become established in the marketplace. I look forward to working with the Board and my colleagues in Management towards building on the excellent foundation already in place to deliver superior value for the benefit of all our stakeholders”.