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Ethiopia: NICE's CEO Retired After Nine Years Service

niceHabtemariam Shumgizaw, Chief Executive Officer of National Insurance Company of Ethiopia (NICE), has stepped down from his authority to retirement. His retirement is going to be effective from Saturday, November 1, 2014.

The 73 years old Habtemariam has been in the Chief Executive Officer (CEO) position since June 1995. He submitted the retirement letter on October 16, 2014 to the board of directors and it was accepted immediately.

The Board after accepting the retirement request assigned the company’s claim advisor, Tesfaye Debella, as the new CEO as of Saturday, November 1, 2014.

According to Fortune, Habtemariam has a diploma from Addis Ababa University (AAU) and a post graduate diploma in finance from the Harvard Business School. The news paper furthered, prior to joining NICE he was at the OAU Specialized Agency as a finance and administration service.

The newly appointed CEO on the other hand went to AAU for his undergraduate studies and secured a Bachelor of Arts (BA) Degree in Economics. He furthered his studies at the Ethiopian Insurance and Banking Institute (EIBI) and earned a finance diploma. He has worked at the Ethiopian Insurance Corporation (EIC) for 30 years.

Habtemariam commenting on his retirement said, “I served the company for so many years ad it is an overdue retirement for me”.

NICE was established in 1994 as the first private insurance firm after 1991. It currently operates 22 branch offices and six licensed agents all over Ethiopia. its paid up capital on June 2013 had reached 14.3 Million Birr.

Source: Fortune

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