Absa Bank CEO Jeremy Awori to step down after a 10-year tenure
Absa Bank Kenya PLC has today announced that its CEO and Managing Director, Jeremy Awori will be leaving the bank to pursue a new career opportunity outside Absa Group.
The bank has said Awori will step down as CEO and Managing Director of Absa Bank Kenya PLC on October 31, 2022.
"The Board has initiated the process of identifying a suitable successor and will announce the new CEO once the process is completed, subject to regulatory approval," the board said in a statement.
Absa Bank Kenya's Board Chairperson Charles thanked Jeremy for his tremendous contribution to the organization during his time there.
“Jeremy has been instrumental in driving significant growth and transformation of our business over the past decade and under his outstanding leadership, Absa Bank Kenya PLC has evolved into a modern-day business that all our stakeholders can be proud of,” said Muchene.
“I am honored to have led Absa Kenya in making a difference in our society while achieving significant commercial milestones over the past decade. I am confident that Absa Kenya will scale greater heights going into the future. I thank the Board of Absa Kenya PLC and Absa Group for the opportunity and pay special tribute to Absa Kenya staff and customers for the honor to serve,” said Awori.
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Nine steel manufacturers slapped with record Sh338.8M fine for market distortion
The Competition Authority of Kenya has slapped nine steel manufacturers with a record Sh338.8 million fine for market distortion and price collusion.
According to the competition watchdog, the nine companies have been penalised for artificially inflating the prices of steel products.
The companies and their fines include Corrugated Steel Ltd (Sh86.9 million), Tononoka Rolling Mills Ltd (Sh62.7 million), Devki Steel Mills Ltd (Sh46.3 million), Doshi and Hardware Ltd (Sh41.6 million), Jumbo Steel Mills (Sh33.1 million) and Accurate Steel Mills Ltd (Sh26.8 million).
Others are Nail and Steel Products Ltd (Sh22.8 million), Brollo Kenya (Sh9.4 million) and Blue Nile Wire Products Ltd (Sh9.16 million).
CAK said investigations into the steel sector commenced in August 2020 when the Authority began collecting intelligence on pricing and output restriction.
The Authority's Acting DG Adano Wario said the penalties on the firms are proportional to the offense, specifically harming consumers who are grappling with the high cost of building materials in the country.
"Cartels are conceived, executed and enforced by businesses to serve their commercial interests and to the economic harm of consumers," Wario said.
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Absa Bank CEO Jeremy Awori to step down after a 10-year tenure
Absa Bank Kenya PLC has today announced that its CEO & Managing Director, Mr. Jeremy Awori will be leaving the bank to pursue a new career opportunity outside Absa Group.
The bank has said Jeremy will step down as CEO and Managing Director of Absa Bank Kenya PLC on October 31, 2022.
"The Board has initiated the process of identifying a suitable successor and will announce the new CEO once the process is completed, subject to regulatory approval." the board said in a statement.
Absa Bank Kenya's Board Chairperson Charles thanked Jeremy for his tremendous contribution to the organization during his time there.
“Jeremy has been instrumental in driving significant growth and transformation of our business over the past decade and under his outstanding leadership, Absa Bank Kenya PLC has evolved into a modern-day business that all our stakeholders can be proud of.” said Charles Muchene,
Chairman of the Board, Absa Bank Kenya PLC.
“I am honored to have led Absa Kenya in making a difference in our society while achieving significant commercial milestones over the past decade. I am confident that Absa Kenya will scale greater heights going into the future. I thank the Board of Absa Kenya PLC and Absa Group for the opportunity and pay special tribute to Absa Kenya staff and customers for the honor to serve.” said Jeremy Awori.