Family bank CEO resigns after three years in charge

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David Thuku, the Chief Executive Officer of Family Bank has resigned after three years in charge at the money lender.

According to a statement issued by the bank on Tuesday, Dr Thuku who replaced Peter Munyiri in June 2016, will leave the bank to pursue personal interests.

“The board of directors would like to announce that Dr David Thuku will be transitioning from the bank in six months’ time to pursue other personal interests,” said Dr Wilfred Kiboro, the Chairman of Family Bank’s Board of Directors in the statement.

“We thank Dr Thuku for his contribution to Family Bank and for overseeing the lender through a challenging season. We would like to wish him all the best in his new endeavor,” Dr Kiboro added

Before taking the helm at Family Bank, Thuku held several senior positions at established money lenders such as Standard Chartered Bank and Barclays Bank. He has also served in the capacity of retail banking director at Family Bank before he got the top job in 2016.

In the statement, the bank also clarified that Dr Thuku will continue to act as the CEO of the organization until an appropriate replacement is found in the six month period.

In recent months, the lender decided to close a couple of branches and dismiss 150 employees in an effort to cut down costs. The move, according to the lender, will save the bank Sh36 million annually.

This will allow the bank to recover resources especially since the bank recorded a net loss of Sh 743 million in the 2017 financial year which was a big drop from a net profit of Sh963 million in 2016.

 

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