With Mr. Godwin Emefiele’s appointment as the Governor of the Central Bank of Nigeria, the board of directors at Zenith Bank Plc has approved the appointment of Mr. peter Amangbo as the new Managing Director/CEO-designate which is to take effect starting June 1, 2014.
In a statement, Zenith Bank said that the appointment of Amangbo is consistent with the bank’s tradition and succession strategy of grooming leaders from within. However, his appointment awaits confirmation by the CBN.
Mr. Peter Amangbo holds an MBA from the Warwick Business School and a B.Eng in Electrical and Electronics Engineering from the University of Benin. An alumnus of INSEAD and a fellow of the Institute of Chartered Accountants of Nigeria, by his appointment he becomes the 3rd Chief Executive Officer of Zenith Bank Plc.
He has more than two decades of banking experience with Zenith Bank in corporate finance and investment banking, business development, credit and marketing, treasury, financial control and strategic planning and operations.
Reacting on Mr. Peter Amangbo’s appointment, the Chief Executive Officer of Financial Derivatives Company, Mr. Birsmack Rewane, said Amangbo’s appointment was on point, especially “since he is from within the system”
The Head of Research at investment banking firm, Dunn Loren Merrifield Limited, Mr. Tola Odukoya, said the appointment indicated that Nigerian institutions are fast taking succession planning more seriously. He continued, “Given that he has been in Zenith Bank for over two decades, I expect Mr. Amangbo to continue with the tradition of Zenith Bank being a strong player in the corporate segment of the market and also among the most liquid banks in the domestic banking space.
He concluded, “It also indicates that Nigerian institutions are moving in the direction of proper succession planning, which is crucial to the growth and longevity of any institution,” he said.