ABC Holdings Limited, trading as BancABC, has announced a management shake-up that will see its long time executives stepping down following the acquisition of the group by Atlas Mara in August.
The bank stated that CEO Douglas Munatsi, CFO Beki Moyo and COO Francis Dzanya will leave the company at the end of this year to make way for a team led by Ronald Pfend.
Pfende joins BancABC from Standard Bank, where he was head of finance transformation. Makhosi Boyede and Amelia Reynecke have been appointed as co-COOs, while the CFO will be Christine Bronkhorst.
BancABC noted that since completion of the transaction with Atlas Mara, the management of both parties have been collaborating on a strategy to rejuvenate BancABC’s operations.
“As the group embarks on the next phase of its development, it was determined, together with the board, that now is the right time for Munatsi, Moyo and Dzanya to stand down,” the bank said.
Board chairman Howard Buttery will also step down from his role at the end of the year, to be replaced Atlas Mara’s CEO John Vitalo as interim chairman, subject to regulatory approval.
Vitalo said: “Were it not for this exceptional leadership team with deep experience in African banking, BancABC would not be in the position it is today. The Board of Atlas Mara is confident that they will continue the hard work already started at BancABC.”
Douglas Munatsi expressed confidence at BancABC’s future, saying that the shareholders had access to the capital, expertise and experience necessary to grow the institution.
Munatsi has been the CEO of BancABC since its formation in 2000, before which he headed First Merchant Bank and Heritage Investment Bank.
The executive trio received 1,743,888 Atlas Mara shares in return for their ABC Holdings shares following the completion of the BancABC acquisition. Due to the management team’s departure, BancABC will also incur $5.8m in additional costs in the fourth quarter of 2014.