Its is only a matter of time before the board of directors of one of the leading local commercial banks, Standard Chartered Bank Botswana, announces the promotion of its Chief Financial Officer (CFO), Mpho Masupe to become its new Chief Executive.
Industry sources put their heads on the block this week signaling the promotion of Masupe, who has been acting as Chief Executive since March 2017. The bank’s former Chief Executive, Moatlhodi Lekaukau made an abrupt resignation early this year choosing to label his departure as “sabbatical leave”.
At the moment, Masupe is responsible for the overall financial management of SCBB’s operations amongst other things.
With over 18 years experience in mining Finance at Debswana Diamond Co. and Morupule Colliery, industry players said at the time of his appointment as acting Chief Executive that he was the “right man for the job”.
Previously Masupe held senior positions in Botswana’s premier organizations where he has headed both business and finance departments during a career of over 22 years.
At the same time, SCBB is said top be under pressure to localize the top post as the commercial banks regulator, Bank of Botswana has previously been keen on localising such posts.
On Friday, Standard Chartered Bank Botswana Board Chairman, Prof Bojosi Otlhogile said that due to the importance of the Country Chief Executive Officer role, the selection process tends to be extensive.
“Whilst we cannot share the details of the recruitment process for confidentiality reasons, we can confirm that the process will be concluded soon,” said Prof Otlhogile.
Meanwhile a quick look into SCBB traded share price at the Botswana Stock Exchange indicates that at the beginning of January 2016, the bank’s stock price was at 1120 Thebe, closing the year at 775 Thebe. It however dropped to 760 Thebe at the beginning of 2017 and has stayed there for some time now.