The founding Director and Chief Executive Officer of Sterling Bank Plc, Yemi Adeola, is to retire from the bank with effect from April 1, 2018.
As a result, the bank’s Executive Director, Finance & Strategy, Abubakar Suleiman, will assume the CEO role effective April 1, 2018, according to a statement by the mid-size lender. Suleiman has served in the current capacity since May 2012.
The statement said Adeola had notified the Board of Directors of the bank of his desire to retire, following over 14 years of service on the board.
He was instrumental to the formation of Sterling Bank in 2006, and served as the integration director in the immediate post-merger phase and up until 2007 as executive director covering Commercial & Institutional Banking and later Corporate Banking prior to becoming the CEO.
Commenting on the development, the Chairman, Board of Directors, Sterling Bank, Mr. Asue Ighodalo, said, “In 2008, Yemi was appointed to the role of substantive CEO. Since that 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.
Ighodalo further said, “I am equally pleased to welcome Abu into the CEO role. Over the years, 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.
“Some of those outstanding contributions have spanned the leadership of our Corporate Treasury and Finance functions, mergers & acquisitions having served as integration director & interim CEO of Equitorial Trust Bank prior to its consolidation into Sterling Bank and executive sponsor of some of our most successful growth initiatives. Abu’s appointment has already received all mandatory regulatory approvals.”
Suleiman, in his response, said, “I am deeply humbled but delighted to be stepping into the CEO 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.”
In his comments, Adeola said, “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.”
He added, “I would like to specifically thank our customers, the shareholders, the board, our staff and regulators among others for their support and goodwill.”