Bank of Abyssinia’s President Addisu Haba resigned from his position and Vice President of Operations, Mulugeta Asmare, replaced him as an acting President from Monday, September 01, 2014.

Addisu went to Addis Ababa University (AAU) and studied economics for his undergraduate studies. He later went to Italy and studied Banking and Finance for his graduate studies.

His curriculum vitae also shows he has experience at Construction Business and Bank working as a credit clerk and internal auditor, before rising to the post of president. In addition to this, he has been serving as a president of the Ethiopian Bankers Association (EBA) since December 2013.

Addisu commented, “I worked a lot for the Bank during the last five years, so I am tired and need to get some rest”.
He submitted his resignation letter on August 18, 2014 to the Bank’s Board of Directors. The Board accepted the request last week and assigned a new acting president, Mulugeta.

The newly appointed acting President, Mulugeta holds a BA Degree from the AAU in accounting and an MA in Business Administration, specializing in International Business, from Greenwich University. His curriculum vitae reveals he has been working in the banking industry for 22 years, out of which 18 years was at the Commercial Bank of Ethiopia (CBE).

Mulugeta noted his primary move is to finalize the 15 storey building which the Bank bought from Saca Plc for the purpose of using it as its headquarters. He added there will be difficulties to effect change in a short period of time.

Talking about his next move, the former President said, “I want to stop and think for a while”.

There was an official farewell organized for Addisu at the Addis Ababa Hilton.

Source: Fortune