Investors reacted optimistically to Sterling Bank appointment of Abubakar Suleiman as its new managing director, following the retirement of its former chief executive, Yemi Adeola.
The bank in a letter sent to the Nigerian Stock Exchange (NSE) on Thursday, stated that the former managing director retired after putting in 30 years in the commercial lender.
The news of Suleiman’s appointment was cheering to investors as Sterling Bank’s shares rose 4.82 per cent to N1.74 on Tuesday. Bank’s stock has appreciated 132 per cent in the last one year.
The appointment of Suleiman, who was the bank’s executive director, Finance and Strategy, showed that the lender has a total succession plan, said David Adonri, Managing Director, Highcap Securities Limited in a telephone interview with Business Hallmark.
“It is a right step in the right direction. The market has been reacting to this, because the demand for Sterling Bank stocks has been very high,” he explained further.
The bank explained that the decision to appointment Suleiman as its new helmsman was reached at a board meeting held on August 15, 2017.
The new CEO, who joined the bank in 2003 from Trust Bank of Africa, became executive director, Finance and Strategy in 2014 after serving as Chief Financial Officer.