Why Atedo Peterside Quit As Stanbic IBTC Chairman
Foremost investment banker Atedo Peterside has resigned from the board of Stanbic IBTC Holdings Plc with effect from 31 March.
In a message to the bank’s board on Tuesday, Peterside, announced his exit and told the director that “this is the ideal time for me to resign” and “to move on”.
61 years old Peterside set up IBTC at the age of 33 in 1989 and was its chief executive until 2007 he became its chairman. Since then, he has served as chairman of the financial service holding company with subsidiaries in banking, stock brokerage, investment advisory, pension and trustee businesses.
His full letter:
Dear Directors
Having served as the Chief Executive Officer of IBTC from inception in 1989 and all the way up 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 31 March, 2017 and to move on.
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, i.e. 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.
Our protracted dispute with the Financial Reporting Council FRC led me to stay on as Group Chairman in Nigeria for much longer than I would have liked, as everything was on course for my planned departure in 2015 from the Stanbic IBTC Holdings Plc Board following my appointment to the Board of Standard Bank Group Limited and The Standard Bank of South Africa Limited in August 2014. 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 Plc audited accounts for 2015 were approved late last year, whilst 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 your support through the years.
Some of you have been on this journey with me as investors since 1989. I am leaving the Stanbic IBTC board, but being a part of the parent company board in South Africa, means that I still have some indirect oversight functions.
Some of you know that I am a stickler for following due process and so, from 01 April, 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.
I wish you every success as you pilot the affairs of Stanbic IBTC into the future.
God bless you all.
Kindest regards
Atedo N A Peterside, CON
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