Egbert Imomoh appointed chairman of GTBank

The Board of Directors of Guaranty Trust Bank Plc has announced the appointment of Mr. Egbert Imomoh as the chairman of the bank.

A statement by GTBank on Thursday explained that Imomoh's appointment followed the retirement of the outgoing chairman, Mr. Oluwole Oduyemi, in compliance with the bank's code of corporate governance that stipulates 70-year retirement age for non-executive directors.

The new chairman, according to the statement, will be presented to shareholders at the bank's 23rd Annual General Meeting, which holds in Lagos next Thursday.

The statement said Oduyemi was appointed as the fourth chairman of the board of GTBank in 2010. Under his leadership, the bank went on to further cement its position as one of the most profitable, best run and ethical financial institutions in Nigeria.

Imomoh, who joined the board of GTBank in June 2005, is a highly accomplished and regarded professional in the petroleum and exploration industry locally and internationally, where he has immense experience.

Prior to his latest appointment, he had served as Chairman of the Board Risk Management Committee and Remuneration Committee of the bank.

Commenting on the development, the Managing Director/Chief Executive Officer, GTBank, Mr. Segun Agbaje, said the bank maintained high corporate governance standards and had a defined succession strategy to address board and management vacancies.

He confirmed that Oduyemi had attained the retirement age of 70 years and would be stepping down as a director at the forthcoming AGM.

According to Agbaje, the bank has informed the Nigerian Stock Exchange and other regulators about the impending retirement of Oduyemi.