Dr. Peter Munga and Mr. Dennis Aluanga will no longer serve as directors in the board of Equity Group Holdings. Investors agreed on the matter during the firm’s annual general meeting held on 30th April 2019.
Dr. Peter Munga is the founder of Equity Group and has served as Equity’s chairman since the bank began operating in 1984. Dr. Munga leaves office after he surpassed the recommended retirement age for board members which is 70 years. He is 76 according to Forbes. During the bank’s AGM, shareholders resolved to award the departing Chair KSh50 million for his committed and dedicated service at the regional lender.
Mr. Dennis Aluanga is the second director to depart from Equity’s board in 2019. Mr. Aluanga took up the leadership position at the bank in 2011 where he served as a non-executive director. He is a director at Nation Media Group, Vivo energy, and Helios Towers Tanzania.
According to the shareholders’ resolution passed on 30th April, “Mr. Dennis Aluanga retires by rotation accordance with Articles 101 of the Company’s Memorandum and Articles of Association and has hereby ceased being a director of the Company.”
