Sterling Bank Plc has announced the appointment of Abubakar Suleiman as its new Managing Director/Chief Executive.
Suleiman who has been the Executive Director, Finance & Strategy, since May 2012 will take over from Mr. Yemi Adeola who will retire from the bank from 1st April 2018 after over 14 years on the board.
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’.
Commending the outgoing CEO, 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.
“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.’
Commenting, Suleiman said: “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’.
On his part, Mr. 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.