Sunday, May 22, 2022

FNBB appoints Richard Wright acting Chief Executive

First National Bank Botswana (FNBB) has appointed the current deputy Chief Executive Officer Richard Wright the Acting CEO this week after the departure of the outgoing CEO Mrs Lorato Boakgomo-Ntakhwana.

Before coming to Botswana, Wright was FNB Commissioner Street Branch, Johannesburg, North City Corporate Branch in Johannesburg. He is said to be temporarily holding the FNBB plum position while FirstRand management and the local board of directors are still hunting for the local citizen substantive CEO.

The bank locally is said to be under pressure to appoint a local citizen candidate as the CEO as the commercial bank regulator Bank of Botswana has previous advised to localize the top management of the commercial banks few years back.

Boakgomo-Ntakhwana went on leave this past Friday and is also on standby to hand over work to her successor who is likely to be appointed yearly next year. FNBB is in the process of recruiting a new CEO because of the imminent departure of CEO Lorato Boakgomo-Ntakhwana, who was recently promoted to become Deputy CEO of FNB Africa. Boakgomo-Ntakhwana is viewed to have been instrumental to FNBB in her capacity as the CEO as she brought good developments to the bank despite challenging economic landscape, and her commercial bank has recorded a good set of financial results for the past years.

Boakgomo-Ntakhwana became FNBB CEO in 15th June, 2009 as the first woman to hold the prestigious position in a local commercial bank. She is said to have brought with her a wealth of banking experience after working for the Bank of Botswana and the South African Reserve Bank for a combined period of 17 years prior to joining South Africa’s FirstRand Group in November 2004.

Ina brief interview with FNBB Head of Marketing and Communications BomolemoSelaledi on Friday, she said “we wish to advise that the bank is currently waiting for the Board and the Regulatory process to complete. In the interim, the Deputy CEO, Richard Wright will assume the role of Acting CEO, until further announcement is made”.

When identified, the FNBB CEO will be tasked with growing and maintaining a focused and sustainable business across all three brands of FNB, RMB and WesBank. The CEO will also be responsible for steering the development, communication and alignment of the FNB Botswana business strategy to achieve key business deliverables while leading and managing the bank’s listed subsidiary, First Rand Bank Limited.

Selaledi did not dwell much on the time frame of appointment the FNBB substantive CEO as well as on the issue of how many local citizens candidates have been shortlisted for the job.

The banking industry sources both in South Africa and Botswana view the immediate past FNBB Chief Financial Officer Steven Bogatsu who is the current FNB Swaziland CEO as the possible citizen to get the high profile job local. The source have also dismissed that the acting CEO Wright and CFO BoitumeloMogopa are not the in the race for the FNBB top post.

“All of the candidates who applied for the job are not the quality that the bank is looking for hence they did not get the got this year,” said the source.

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