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Equity Group Holdings has formally appointed six new independent non-executive directors to replace those who retired
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The new members of the bank’s Board of Directors were approved by shareholders during the lender’s 21st annual AGM
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The appointees are Farida Khambata, Nick O’Donohoe, Aloysius Uche Ordu, Obadiah Biraro, Lakshmi Shyam-Sunder, and David Mutombo
.co.ke journalist Japhet Ruto has over eight years of experience in financial, business, and technology reporting and offers profound insights into Kenyan and global economic trends.
Equity Group Holdings has appointed six new directors to replace board members who have retired.
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In a notice on Friday, June 27, the lender noted the appointments were in line with the Capital Markets Act, Chapter 485A of the Laws of Kenya, Capital Markets (Public Offers, Listings and Disclosures) Regulations, 2023.
The new independent non-executive directors were approved by shareholders at the 21st Annual General Meeting (AGM) held on Wednesday, June 25.
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“Equity Group Holdings PLC wishes to inform its stakeholders of the retirement of directors and the appointment of new independent non-executive directors to its Board of Directors,” it stated.
Who are the new Equity Bank directors?
1. Farida Khambata
Farida is a Chartered Financial Analyst (CFA) with a master of Science from London Business School and a master’s in economics from Cambridge University.
With more than 30 years of investing and risk management expertise, she is a global leader in emerging markets finance.
She oversaw creative investment strategies while serving as a co-founder of Carta Capital.
2. Nick O’Donohoe
Nick graduated with an MBA from the University of Pennsylvania’s Wharton School.
Having worked in financial services for 30 years, he is an expert in development finance.
He was the head of global research at JP Morgan and the founding CEO of Big Society Capital.
3. Aloysius Uche Ordu
Aloysius graduated from the Harvard Kennedy School and has a PhD in economics from the University of Sussex.
With more than 30 years of experience in financial innovation and policy, he is a seasoned specialist in international development.
Currently, he is the vice president of the African Development Bank Group.
4. Biraro Rwagiye Obadiah
Biraro is a Certified Public Accountant (CPA) in Rwanda, Kenya, and Uganda, and has an MBA from Uganda Martyrs University.
He has been an expert in public finance management for 37 years.
He oversaw the audit of consolidated financial statements while serving as Rwanda’s auditor general from 2005 to 2021.
He also chaired the Human Resources Committee of AFRICASI-EA and the East African Community Audit Commission.
5. Lakshmi Shyam-Sunder
Lakshmi earned an Excellence in Teaching Award and a PhD in Finance from MIT Sloan School of Management.
With more than 30 years of expertise in risk management and financial control, she is a seasoned financial executive.
6. David Mutombo
Mutombo completed Harvard Business School’s Advanced Management Programme and earned an MBA from the University of the Witwatersrand.
He has more than 20 years of international expertise in infrastructure, energy, and water as a registered professional engineer.
What was Equity Bank’s profit?
For the first quarter that ended on March 31, 2025, equity’s net profit dropped to KSh 14.8 billion.
This represented a 3.86% decrease compared to KSh 15.39 billion recorded during a comparable time in 2024,
During the same period, non-interest income decreased by 11.8%, from KSh 22.24 billion in 2024 to KSh 19.61 billion.
