The board of directors of Zenith Bank Plc has announced the retirement of its Deputy Managing Director Dr. Adaora Umeoji from office effective February 2023. After haven served her tenure on the board of the bank in line with the Central Bank of Nigeria CBN guidelines.
The bank made this known in a recently released statement to the investing public titled. “Notification Of Retirement Of Dame (Dr) Adaora Umeoji (Deputy Managing Director) From The Board Of Zenith Bank Plc”
The notification
The bank write “We write to notify the Nigerian Exchange Limited and the investing public of the retirement of Dame (Dr) Adaora Umeoji from the Board of Zenith Bank Plc with effect from February 24, 2023. This follows the expiration of her tenure of office as Deputy Managing Director in line with the Central Bank of Nigeria (CBN) circular No.FPR/DIR/PUB/CIR/001/070 dated February 24, 2023.
The Board in the statement signed by the Company Secretary/General Counsel, Michael Out, wishes her success in her future endeavors.
Profile of Dr Mrs Umeoji
Dr Adaora Umeoji has over 20 years of cognate banking and broad executive management experience,and rose through the ranks to her last position as the Deputy Managing Director of the bank.
She holds a Bachelor’s degree from the University of Jos, and an MBA from the University of Calabar with a Doctorate in Business Administration from Apollos University, Great Falls, Montana, USA. Her dissertation was on inspirational leadership and her findings have been recognized as a major contribution to leadership and people management.
She was trained in strategic thinking and management at Wharton Business School, Pennsylvania, USA and also holds a Certificate in Management from Harvard Business School, Boston, USA. Umeoji was appointed to the Board on October 9, 2012.
Of note
The CBN guideline specifies the tenure limits of services of bank Managing Directors, Deputy Managing Directors and other Board of Director members to a maximum cumulative tenure of ten (10) years.
It further stated that where an Executive who is a DMD becomes the MD/CEO of a bank or any other Deposit Money Bank on before the end of his/her maximum tenure, the cumulative tenure of such Executive shall not exceed twelve (12) years.
