Peter Munga retires as Equity Group Board Chair after 35 years

June 6, 2018 (3 weeks ago)
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Dr. Munga expressed his desire to retire from the Board to mark his 35 years of service as he celebrates his 75th birthday.

, NAIROBI, Kenya, June 6 – The Board of Equity Group Holdings has announced the retirement of its Founder and Chairman of the Group Dr. Peter Kahara Munga and the appointment of Mr. David Ansell Vice Chairman of the Group as Chairman Designate.

According to a statement issued by the Group, Dr. Munga expressed his desire to retire from the Board to mark his 35 years of service as he celebrates his 75th birthday.

Dr. Munga, who has been the Founder Chairman since 1984, and Mr. Ansell, will work collaboratively to ensure a smooth transition is completed by the time of the next AGM in 2019.

“The Board appreciated his leadership and wisdom which led the bank from a small village building society to become the largest financial services provider in the region,” reads the statement.

Board members said they appreciate his long service, wisdom and leadership style which allowed them to discuss matters openly and candidly in an environment of trust.

They further added that he had created an environment and strong governance structure with the ability to attract talent both at the Board level and at the executive level.

“He retires at a time when Equity Group is a market leader at its peak, having set a trend of winning national, regional and global awards and accolades.”

Dr. Munga has seen Equity grow from a rural building society ranked position 66 out of 66 when only 2 percent of the Kenyan population had access to banking services, to become the current market leader with a market capitalization of Sh213 Billion (10th April 2018), Sh528 Billion in asset base and with a footprint in six countries in East & Central Africa.

Mr. David Ansell, a Kenyan-American, who has been named the Chairman Designate has been serving as the Non-Executive Vice-Chairman.

He holds a Bachelor’s degree in Mathematics from the University of North Carolina at Wilmington, a second Bachelor’s degree in Finance from the Thunderbird Graduate School of International Management and an Advanced Management Degree (AMP) from the Wharton Business School.

During his working career he served in various assignments at Citibank in the Emerging Markets, including 16 years in Africa.

He has served as President of Citibank Russia and later as Managing Director and the first CEO of Ecobank Transnational Inc, located in Lome, Togo.

He was first appointed as a Director of Equity Bank in 2012 and has been the Non-Executive Vice-Chairman of Equity Group Holdings Plc. He has been serving in various capacities on the Boards of the Equity Group subsidiaries.

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