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Equity shakes up board to gain global talent
The incoming members of the Equity Group board are (from top left and moving clockwise) Nick O’Donohoe, Lakshmi Shyam-Sunder, Obadiah Biraro, Aloysius Uche Ordu, Farida Khambata and David Mutombo. Right, Equity CEO James Mwangi.
Equity Group is restructuring its board as it seeks to adopt a more global outlook and strengthen its supervisory committees.
The group will be asking its shareholders to approve the replacement of four Kenyans on its board with six expatriate directors during the annual general meeting on June 25.
Those leaving the board are former head of Retirements Benefit Authority Dr Edward Odundo, Car and General chief executive Vijay Gidoomal, Dr Hellen Gichohi and the group's chief of operations Samuel Kirubi.
Those joining the board are British national Nick O’Donohoe, Nigerian Dr Aloysius Uche Ordu, Indian Farida Khambata, American Lakshmi Shyam-Sunder, Rwandan Obadiah Biraro and Congolese David Mutombo.
Equity's chief executive James Mwangi said the transformation would help the financial institution chart its next phase of growth by expanding into new territories and business lines.
He said the lender has been growing fast over the years and needs a stronger board to sustain the momentum.
"Human capital cannot grow at the same pace, so every 10 years we have to change the board and bring in new skill sets to help us in the next phase,” Mr Mwangi said.
He added that the Kenyan banking multinational aims to be present in at least 15 African countries by 2030, with acquisitions the preferred method for entering new markets, underlining the need for people with relevant experience.
Nick O’Donohoe is the former chief executive of UK-backed British International Investment, a fund that invests in developing markets mainly through acquisitions.
Lakshmi Shjam-Sunder, the former chief risk officer of the World Bank, who is expected to head the group's risk management committee, is joining at a time when the lender is conducting staff ethics audits in the wake of fraud.
Obadiah Biraro, the current president of the Institute of Certified Public Accountants of Rwanda, has also formerly served as the country’s auditor general, priming him to spearhead the group’s audit committee.
Farida Khambata has worked with the World Bank’s investment arm, the International Finance Corporation, while Dr Uche Ordu has worked with the African Development Bank and the World Bank.
The Kenyans left on board are Prof Isaac Macharia, who serves as its chairman, Mr Mwangi, the chief executive, company secretary Lydia Ndirangu, Samuel Mwale and Dr Evans Baiya.
South African Jonas Mushosho completes the board following the exit of Clifford Sacks.
Equity Group has subsidiary banking operations in Kenya, Democratic Republic of Congo, Uganda, Tanzania, Rwanda and South Sudan. It also has subsidiaries in insurance, investment banking, telecom and fintech.
The group has a representative office in Ethiopia and will be seeking shareholders’ approval to open an office in the United Arab Emirates, underscoring the need for a global image in its leadership.
The lender had a market capitalisation of Sh163.8 billion, total assets at Sh1.8 trillion and a customer base of 21.6 million, as of 31 December 2024. It has a footprint of 399 branches with 12,021 employees.
Equity is currently conducting an ethics audit of its employees, which has seen it issue more than 1,200 show cause letters as it pushes to clean up its human capital and protect its brand, which has been shaken by fraud involving staff.
