……explains why now?
Atedo Peterside , the Chairman of Stanbic IBTC Holdings Plc, on Tuesday has announced his resignation from the board of the financial institution titled “Moving on,” Peterside
In the resignation notice “Moving on,” Peterside, he explained that having served as the Chief Executive of IBTC from inception and all the way up until the merger that created Stanbic IBTC Bank Plc in 2007 and as Chairman thereafter, he believed this was the ideal time for him to resign from the board of Stanbic IBTC Holdings and move on.
Amehnews recalled that Peterside, having served for 28 years with small and now outstanding financial institution starting from its inception in 1989 when it was known as Investment Bank & Trust Company (IBTC) and later merged with Standard Bank Group Limited of South Africa to created Stanbic IBTC Bank Plc in ten (10) years ago.
According to an e-mail sent to other directors of the group, Peterside said the resignation would come into effect on March 31, 2017, barely ten (10) days to go.
To buttress his soon exist, he said “We have a strong tradition of careful succession planning at both Stanbic IBTC and the Standard Bank Group. I look forward to a new chapter where my interactions with Stanbic IBTC will be exclusively from the outside and/or from Johannesburg, i.e. looking in from the outside like every other parent company non-executive does when looking at all the group subsidiary operations across the Africa regions,” he said.
He disclosed that the dispute with the Financial Reporting Council (FRC) led him to stay on as group chairman in Nigeria for much longer than he would have liked, as everything was on course for his planned departure in 2015 from the Stanbic IBTC Holdings Plc board.
This, he said, followed his appointment to the Board of Standard Bank Group Limited and the Standard Bank of South Africa Limited in August 2014.
“However several directors advised that there should be no change of guard at the top in Stanbic IBTC in the midst of such a dispute.
“Thankfully the FRC matter is now behind us and our Stanbic IBTC Holdings Plc audited accounts for 2015 were approved late last year, whilst our audited accounts for 2016 have already been approved by the authorities this week.
“I would like to seize this opportunity to thank all the directors of Stanbic IBTC for your support through the years. Some of you have been on this journey with me as investors since 1989.
“I am leaving the Stanbic IBTC board, but being a part of the parent company board in South Africa, mean that I still have some indirect oversight functions.
“Some of you know that I am a stickler for following due process and so, from 01 April, 2017, I will not be available to discuss our Nigerian operations unless required to do so by the parent board.
“In business terms in Nigeria, I would like to be able to concentrate largely on ANAP Business Jets Limited, which I founded a couple of years ago and where I am Chairman.
“I wish you every success as you pilot the affairs of Stanbic IBTC into the future,” he said.