Equity Bank Group chief executive officer Dr. James Mwangi will retire as the leader of the bank at the earliest in 2032. This will coincide with Mwangi attaining the age of 70 years.
Dr. Mwangi says that he expects to commit his future to Equity Group beyond the 70-year age limit that has been set by the Capital Markets Authority (CMA) for serving on the boards of firms listed on the Nairobi Securities Exchange.
“I have served only 17 years. I am inspired by that. 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 said in a recent interview with a local daily.
“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.”
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In 2019, Dr. Mwangi said that that he would like to retain his top position until he clocks age 75. “The earliest maybe on my own volition that I would ask to retire is when I turn 75!”
Mwangi who was then aged 57-year-old was quoted by the Business Daily. “I have another 20 years. I take consolation from one of my role models, Warren Buffett who is still chief executive at the range of 87.”
Dr. Mwangi wants to cement Equity’s expansion in Africa over the next two decades before calling it quits. earlier in the year, he had talked of leaving the bank’s executive suite to join its foundation—which is the social arm of Equity Group. He joined the bank as finance director before rising to chief executive in the 1990s when Equity was still a building society
