After 29 years, Atedo Peterside resigns from Stanbic IBTC
Atedo Peterside has resigned from the board of Stanbic IBTC Bank Plc as chairman.
Peterside served as the Chief Executive Officer of the bank from inception in 1989 until the merger that created Stanbic IBTC Bank Plc in 2007; and as chairman thereafter.
'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,' Peterside said in a letter to the board of the bank obtained by our correspondent on Tuesday.
The letter read in part, '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.'
He said the bank's protracted dispute with the Financial Reporting Council led him to stay on as group chairman in Nigeria for much longer than he would have liked, as everything was on course for his planned departure in 2015 from the Stanbic IBTC Holdings Plc board following an appointment to the board of Standard Bank Group Limited and The Standard Bank of South Africa Limited in August 2014.
Peterside added, 'However several directors advised that there should be no change of guard at the top in Stanbic IBTC in the midst of such a dispute. Thankfully, the FRC matter is now behind us and our Stanbic IBTC Holdings audited accounts for 2015 were approved late last year, while our audited accounts for 2016 have already been approved by the authorities this week.
'I would like to seize this opportunity to thank all the directors of Stanbic IBTC for the support through the years. From April 1, 2017, I will not be available to discuss our Nigerian operations unless required to do so by the parent board. In business terms in Nigeria, I would like to be able to concentrate largely on ANAP Business Jets Limited, which I founded a couple of years ago and where I am Chairman.'