CRDB shareholders resolve Kimei’s term to be extended
CRDB Bank managing director Charles Kimei addresses the annual general meeting in Arusha yesterday. PHOTO | COURTESY OF CRDB BANK
What you need to know:
- Dr Kimei, who has been leading the bank for two decades, is expected to retire in May 2019
Arusha. CRDB Bank Plc shareholders have passed a resolution to request the board to consider extending managing director Charles Kimei’s stay.
Dr Kimei, who has been the managing director for Tanzania’s largest bank by asset size and branch network for two decades, is expected to retire in May 2019.
Shareholders say ongoing economic changes do not provide a conducive environment for such a decision.
Already the process of picking Dr Kimei’s successor started early this year and that the new managing director is expected to be in office by January 2019.
But speaking during the bank’s 23rd annual general meeting here yesterday, shareholders opposed Dr Kimei’s retirement.
They unanimously voted to instruct the board to halt Kimei’s succession process.
They said Dr Kimei should be given between two and five more years so that he can prepare someone who Dr Kimei believes will have what it takes to put on his shoes.
“Shareholders, allow me to stake it categorically that Dr Kimei shall not leave… We need time for Kimei to prepare someone who will take over from him. Kimei should come to us and show us who he has prepared and who he thinks will fit into his shoes,” said Mr Emburis ole Sirikwa from Arusha, advancing a proposal by Caption (rtd) Nkoswe Noel from Sumbawanga.
“Many people say this is not the right time to let Dr Kimei go. Let’s instruct the board to halt the process of hiring the new CEO,” said Mr Christopher Gachuma, a shareholder from Mwanza.
Similar sentiments were echoed by Mr Mchiwa Chedego from Dodoma, Mr Kananda Khamis Kananda from Mara, Mr Johaness Mola from Kilimanjaro, Salim Mbonde from Tanga and Ms Febronia Minja from Kilimanjaro among others.
The shareholders said if President John Magufuli himself promised to give Dr Kimei a post upon his retirement from CRDB, then it would be a serious mistake for the bank to drop such a person. Speaking during the launch of a CRDB Bank branch in Chato, Geita in March, President Magufuli showered praise on Dr Kimei, dropping a hint that he might be offered a role in the government.
Closing yesterday’s meeting, the bank’s board chairman, Mr Ally Laay, promised to table the shareholders’ concerns to the board, insisting that he had heard their concerns and seen the need for the board to act.
