The board of Stanbic IBTC Holdings Plc, on Wednesday morning informed the Nigerian Stock Exchange (NSE) of the resignation of its founding managing director and later chairman- Mr. Atedo Peterside after 28 years, with effect from March 31, 2017, after 10 of as chairman.
The statement by Chidi Okezie, its Company Secretary, while wishing Peterside well in his future endeavours and thanking him for his leadership, said the “board of directors will appoint a new chairman at its meeting scheduled to hold in April 2017 (subject to any required regulatory approval), following which an announcement would be made to the Nigerian Stock Exchange (NSE).”
The group however noted that Peterside, a consummate investment banker and chairman of the body that drafted the maiden Securities & Exchange Commission (SEC) Code of Corporate Governance in Nigeria in the days of Mallam Suleyman Ndanusa, would however remain a non-executive director on the boards of both Standard Bank Group Limited and Standard Bank of South Africa Limited.
Peterside founded the then Investment Banking & Trust Company Limited in February 1989 and became the pioneer chief executive officer, which merged with the then Chartered Bank Plc, a commercial bank with Moses Adedoyin as CEO to become IBTC Chartered Bank in the way of the Prof Chukwuma Soludo-inspired 18-month banking sector consolidation between July 2004 and December 2005. In 2007, IBTC Chartered Bank again merged with then small sized Stanbic Bank Nigeria Limited, a subsidiary company of Standard Bank Group of South Africa to form Stanbic IBTC Bank Plc.
He resigned as CEO and was appointed chairman of the enlarged Stanbic IBTC Bank Plc in 2007 and then chairman of Stanbic IBTC Holdings Plc, following the group’s restructuring into a holding company in November 2012, the statement added.