On Tuesday, 21st March 2017, Mr. Atedo Peterside, Chairman of Stanbic IBTC Bank, sent a letter to the board stating that he would be resigning. His resignation takes effect from 31st March 2017.
“I believe this is the ideal time for me to resign from the board of Stanbic IBTC Holdings Plc with effect from the close of business on March 31, 2017, and to move on. We have a strong tradition of careful succession planning at both Stanbic IBTC and the Standard Bank Group.
“I look forward to a new chapter where my interactions with Stanbic IBTC will be exclusively from the outside and/or from Johannesburg, that is, looking in from the outside like every other parent company non-executive does when looking at all the group subsidiary operations across the Africa regions,” Mr. Atedo Peterside said in the letter.
However, Mr. Peterside served as the Chief Executive Officer of the bank from inception in 1989 and later as Chairman after the merger that created Stanbic IBTC Bank Plc in 2007.