Bank Windhoek Holdings this week announced the separation of the positions for Managing Director at its holding company and at the commercial bank. The succession process is at an advanced stage, pending regulatory approval, Bank Windhoek said.
“In light of the growth of the Bank Windhoek Holdings Group and an evolving group operating model, the role of Bank Windhoek Holdings has expanded significantly since its listing. The BWH Board has decided to separate the current combined roles held by Christo de Vries as Managing Director of both Bank Windhoek Holdings and Bank Windhoek,” the home grown bank said in a statement.
Christo de Vries was appointed as Managing Director of Bank Windhoek and Bank Windhoek Holdings with effect from 06 June 2011 for a period of three years. In July 2014, it was announced that his contract was extended. It will now come to an end in June 2016. Bank Windhoek said, “the process to recruit a suitable candidate to fill the position of Managing Director of Bank Windhoek has commenced. This will ensure a smooth leadership transition from Christo to the successful candidate who will take over the leadership at the bank. As Managing Director of Bank Windhoek, he will continue to lead the Bank Windhoek Executive Management team and staff for the remainder of the 2015/2016 financial year in achieving the set-out objectives and targets of the bank.” “Since the appointment of Christo de Vries in June 2011 as Managing Director of both Bank Windhoek Holdings and Bank Windhoek, he has done an excellent job in establishing BWH as a reputable listed entity, while driving strong, disciplined performance at Bank Windhoek. During his tenure we have been able to mature our governance and risk management structures and contained costs through introducing operational efficiencies” the group said. Added Bank Windhoek, “We have no doubt that Christo will continue to add value to our group and the bank for the remainder of his contract. He will also play an important role in the transition of leadership at both Bank Windhoek and Bank Windhoek Holdings to his successors.” An announcement in this regard will be made once the required regulatory approval has been obtained, the group said.