Business / Local
Kwanele Ngwenya forced out of Steward Bank
09 Jan 2015 at 08:54hrs | Views
STEWARD Bank chief executive officer Mr Kwanele Ngwenya has been forced out of the banking institution after building the bank to what it is now.
Sources at the institution say Mr Ngwenya met his fate after the bank's board of directors refused to renew his contract in light of corporate governance grey areas. Well placed sources say Ngwenya's departure was eminent after his assistant was shown the door sometime last year.
Ironically, Mr Ngwenya's contract was due to expire at the end of this month.
The sources said the board was not amused with the bank's bad book and the level of non-performing loans.
In a statement the bank's board of directors announced the departure of Mr Ngwenya without giving reasons for the collapse of the two- year marriage.
"Mr Ngwenya will step down from his position at the expiry of his contract on January 31, 2015.
"We are grateful for Mr Ngwenya's leadership during his tenure as chief executive officer, during which he oversaw Steward Bank's successful re-branding and transformation into one of the country's leading banks," said the board in a statement.
The board will appoint an executive in an acting capacity pending the appointment of a substantive chief executive.
"Mr Ngwenya's departure was imminent as there were corporate governance concerns over the loan book and conflict between him and the management at Econet Wireless, the parent company. There was also conspiracy against Mr Ngwenya within the group," said a source.
Sources at the institution say Mr Ngwenya met his fate after the bank's board of directors refused to renew his contract in light of corporate governance grey areas. Well placed sources say Ngwenya's departure was eminent after his assistant was shown the door sometime last year.
Ironically, Mr Ngwenya's contract was due to expire at the end of this month.
The sources said the board was not amused with the bank's bad book and the level of non-performing loans.
"Mr Ngwenya will step down from his position at the expiry of his contract on January 31, 2015.
"We are grateful for Mr Ngwenya's leadership during his tenure as chief executive officer, during which he oversaw Steward Bank's successful re-branding and transformation into one of the country's leading banks," said the board in a statement.
The board will appoint an executive in an acting capacity pending the appointment of a substantive chief executive.
"Mr Ngwenya's departure was imminent as there were corporate governance concerns over the loan book and conflict between him and the management at Econet Wireless, the parent company. There was also conspiracy against Mr Ngwenya within the group," said a source.
Source - The Herald
