Equity Bank CEO James Mwangi has revealed when he plans to retire from the lender.
According to reports, the Equity boss plans to retire in 2032 which will make him one of the longest-serving CEOs of companies listed on the Nairobi Securities Exchange (NSE).
Mwangi plans to serve at the lender beyond the capped age of 70 for members of boards for firms listed on NSE by the Capital Markets Authority.
Further reports indicate that the 59-year-old had contemplated leaving the bank to join the foundation side of Equity Group.
“I have served only 17 years. I am inspired by that. Equity retirement age is 70. Peter Munga retired as chairman at age of 75, just like David Ansell. When my time comes, it will be really easy [retiring] but I am still under 60,” Mwangi told Business Daily on November 10, 2021.
“I have retired from all the subsidiaries and now on the holding company. So I don’t see a challenge because I don’t run the business. The company that I run is the holding company, managing the relationship with investors. That doesn’t drive performance but drives relationships with the shareholders. That can be done by anybody,” he added.
Equity Group boasts subsidiaries in; Kenya, Tanzania, Rwanda, Burundi, South Sudan, DR Congo and Uganda.
A majority of the bank’s business profits are from the Kenyan market, but it has since set up an office in Ethiopia as it looks to transform into a regional lender.
Mwangi joined Equity as finance director before rising to chief executive in the 1990s when it was still a building society.
He led Equity’s exploration into countries within the Eastern African region on the back of mergers and acquisitions. This saw the lender rise to become Kenya’s most profitable bank.
Under Mwangi’s reign, Equity’s market valuation has risen from Ksh8.1 billion in 2006 to Ksh189.6 billion at the close of trading on Tuesday, November 9. This represents a 2,333 per cent growth.
In the process, Equity’s shareholders have earned ksh49.8 billion in dividends since 2011.
Over the past decade, Equity almost tripled its profits from Ksh7.1 billion in 2010 to Ksh20.1 billion in 2020.