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Business Atedo Peterside: Stanbic IBTC Chairman Resigns After 28 Years of Service


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Mr. Atedo Peterside has resigned as the Chairman of the Executive board of Stanbic IBTC Bank Plc.

Peterside was the chief executive of the bank from its inception in 1989 and until the merger that created Stanbic IBTC Bank Plc in 2007; and as chairman thereafter.

In a letter sent to the board on Tuesday, he said: “I believe this is the ideal time for me to resign from the board of Stanbic IBTC Holdings Plc with effect from the close of business on March 31, 2017 and to move on."

“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, that is, 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 Stanbic IBTC's protracted dispute with the Financial Reporting Council led him to stay on as group chairman in Nigeria for much longer than he would have liked, as he planned to leave in 2015 following an appointment to the board of Standard Bank Group Limited and The Standard Bank of South Africa Limited in August 2014.

“I would like to seize this opportunity to thank all the directors of Stanbic IBTC for the support through the years.

“From April 1, 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.”
 

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