Equity Bank has named former Nairobi Deputy Governor Polycarp Igathe as its new Managing Director.
Igathe has been appointed to the top position barely five months after joining the financial institution as its Chief Commercial Officer (CFO).
In a statement, Equity which boasts of 12.6 million customers in Eastern and Central Africa regions said Igathe’s “strong values and passion have enabled him to quickly fit well in the Equity Group organizational culture.”
“He (Igathe) has distinguished himself as a results oriented and committed business leader who is renowned for fostering productive partnerships with external stakeholders and customers, resulting in delivery of outstanding company results,” said Equity Chief Executive James Mwangi in a statement.
“He has taken over a very successful subsidiary and market leader. We believe he has the skills, competence, capability and vision to retain Equity Bank Kenya in its leadership position while taking it to the next level.”
Equity Group says the appointment marks the completion of the Group’s strategy of separating the management of its subsidiaries from the of the holding company. “Dr James Mwangi will now serve as the Group Chief Executive and Managing Director providing overall stagetic direction and oversight to Group,” says Equity.
Polycarp Igathe who previously served as Vivo Energy MD, resigned as Nairobi Deputy Governor in January this year, only five months after taking oath of office citing strained relationship with Governor Mike Sonko.
Igathe has also previosuly served as an executive of several other leading blue chip companies in Kenya and East Africa, including Coca-Cola SABCO, Africa Online, EABL, Haco Industries, Wines of the Worldm and Tiger Brands International.
