Equity Group Holdings chief executive officer Dr. James Mwangi has addressed concerns regarding his retirement. This comes as the celebrated executive clocks about 35 years at the bank.
The Equity CEO says that although he has been at the bank for over three decades, he is no longer an employee of the bank with a retirement timeline. Instead, he is a representative of the bank’s shareholders working alongside a management that has been tasked with the day to day running of the bank.
“It is true I joined the group in 1991. It is almost 35 years. For over 35, we have delivered year after year. I’m not the Managing Director of [Equity Bank] Kenya I handed over. I’m not a board member of all subsidiaries I handed over. I’m only a director of a non-operating company. I’m not an employee of Equity. I’m a representative of shareholders who told me here is the money go and invest. Does a shareholder retire from investing? that’s my job,” he said.
Dr. Mwangi made the remarks during the release of the bank’s nine month financial results, in which he announced that Equity Group had made a profit after tax of Sh. 40.9 billion.
Equity Group makes Sh. 40.9 billion profit after tax in nine months
This was the second time that Dr. Mwangi was addressing the topic of his retirement publicly. In 2022, Dr. Mwangi had stated that he foresaw his retirement as coming at the earliest in 2032. This would coincide with his seventieth birthday.
“Equity retirement age is 70. Peter Munga retired as chairman at age of 75, just like David Ansell. When my time comes, it will be really easy [retiring] but I am still under 60,” he had said.
“I have retired from all the subsidiaries and now on the holding company. So I don’t see a challenge because I don’t run the business. The company that I run is the holding company, managing the relationship with investors. That doesn’t drive performance, but drives relationship with the shareholders. That can be done by anybody.”
