Zenith Bank is poised to appoint a successor to its Managing Director, Mr. Jim Ovia from among its currentÂ six executive directors.
Mr. Ovia is expected to quit by July in compliance with the new policy of the Central Bank (CBN) that no bank MD shall serve for more than 10 years.
The Zenith Bank executive directors are: Messers Godwin Emefiele, Appolos Ikpobe, Elian Akenzua, Andy Ojei, Udom Emmanuel and Peter Amangbo.
A source close to the bank said weekend thatÂ itâ€™s has always had a clear successor plan in place for the CEO and the recent announcement by the CBN was well anticipated.â€
Continuing, the source said the CBN directiveÂ will no doubt present exciting opportunities for one of the six highly qualified executive directors to succeed Jim Ovia who will retire in July 2010.Â The Bank has grown to be the second largest bank in Nigeria by market cap (N360 bn) driven by the combined efforts of the six Executive Directors that comprise the Executive Committee.
The collaborative approach adopted by the Executive Committee towards decision making has created one of Nigeriaâ€™s strongest management teams, with an average of eighteen years experience working together at Zenith.
â€œThe Executive Directors are all pioneer staff that have been influential in propelling the Bank to its current market leading position.
â€œThe successor will therefore no doubt have a smooth transition into his new role given their long history of successful partnership at both Executive Committee and Board level.Â Â It is understood that there will be a formal announcement of the new CEO as soon as practicable.â€