The Executive Director and Chief Financial Officer of CAL Bank, Philip Owiredu, is set to succeed Frank Brako Adu Junior, as Chief Executive Officer (CEO) of the bank if his nomination is approved by the Bank of Ghana (BoG).
According to a press release dated the 5th of November 2019, Mr. Owiredu is expected to formally assume office as Managing Director on 1st January 2020, when the current boss of the bank, Mr. Frank Brako Adu, finally retires on 31st December 2019 after 20 years of service to the bank.
The release added that an official announcement is expected in the coming days subject to securing the required regulatory approval and shareholder approval.
Who is Philip Owiredu?
The newly nominated CEO is currently the Executive Director of the Bank and Chief Finance Officer.
Prior to this, he was the Director of Financial Control Department at the bank, which is responsible for all the financial management support and compliance with legal regulatory requirements.
He joined CAL bank in December 2004 from accounting firm KPMG where he served in a senior management role for eight years.
A fellow of the Institute of Chartered Accountants UK, he is also a member of the Risk Management and Surveillance Committee, a sub-committee of the Council of the Ghana Stock Exchange (GSE).
Retiring Frank Adu
The current MD of CAL Bank, Frank Adu, is expected to retire after serving the bank for more than 20 years.
He joined the bank in 1992. He later moved to become the bank’s treasurer in 1994 and in 1999, then rose to Deputy MD and finally the MD in the year 2000. This means he has served 10 years as a staff and 17 years as MD.
Mr. Adu led the transformation of CAL bank to a strong financial institution in the country’s banking sector.
Under his tenure, the bank moved from a small corporate-focused bank with three branches to a universal bank with 28 branches and about 850 employees.
