Equity Group Chair, Peter Munga, to retire after 35 years of service
Peter Munga has announced that he will be retiring from his position as Chair of the financial services company, Equity Group Holdings.
The businessman has worked for the bank – which is headquartered in Nairobi, Kenya – for 35 years.
Munga has held the position as Equity’s Founder Chairman since 1984.
Munga, 75, will be replaced be David Ansell, the firm’s Vice-Chairman, once he has substantially his holding in Equity.
“Mr Munga who has been the founder chairman since 1984 expressed his desire to retire from the board to mark his 35 years of service as he celebrates his 75th birthday,” stated Equity Group.
The bank has subsidiaries in Kenya, Uganda, Tanzania, South Sudan, Rwanda, and the Democratic Republic of Congo.
The CEO’s retirement was unexpected due to his re-election at Equity’s AGM last month.
However, Munga cut his 3.2% stake down to 0.4% in December last year.