Home » Kenyan banking exec Jeremy Awori to take over from Ade Ayeyemi as CEO of Ecobank

Kenyan banking exec Jeremy Awori to take over from Ade Ayeyemi as CEO of Ecobank

by Omokolade Ajayi

Jeremy Awori, the outgoing CEO and managing director of Nairobi-based Absa Bank Kenya, is expected to succeed Nigerian banking executive Ade Ayeyemi as CEO of pan-African banking conglomerate Ecobank Transnational Incorporation.

The news of Awori’s prospective appointment comes after Absa Bank Kenya announced his resignation as CEO and managing director of the Kenyan bank on Thurs., Sept. 8, after nearly a decade at its helm.

Absa Bank Kenya stated that Awori’s decision to leave the group after nearly 10 years of exceptional leadership, service, and contribution will allow him to pursue a career opportunity outside Absa Group.

The Kenyan lender noted that his resignation will take effect on Oct. 31, and that the search for a suitable successor has already begun. Subject to regulatory approval, the new CEO will be announced once the process is completed.

According to Africa Report, following a recruitment process conducted by the international firm Egon Zehnder, the Ecobank board selected Awori for the role. The decision remains to be validated by the regulator. Awori has served in banking leadership positions since he was 28 years old.

Absa Bank Kenya reported triple-digit earnings growth in the 2021 fiscal year under Awori, who has ushered in a deliberate shift toward digital banking at the bank and has committed to investing billions in digitization, automation, and innovation.

According to the group’s 2021 financial report, profit increased by 161 percent from Ksh4.16 billion ($36.4 million) in 2020 to Ksh10.87 billion ($95.1 million) in 2021, aided by a seven-percent increase in interest and non-interest income.

In the first half of 2022, the bank’s profit rose by 13 percent, from Ksh5.6 billion ($46.56 million) in the same period in 2021 to Ksh6.3 billion ($52.4 million).

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