Family Bank Kenya chief executive officer (CEO) David Thuku has resigned, less than two years after taking over the reins of the tier two lender. The bank said Thuku’s resignation was due to personal reasons.
Mr Thuku’s resignation will take effect in six months time but he will continue to exercise his full role as CEO of the bank until a substantive replacement is recruited in six months and approved by the Central Bank.
“Dr. Thuku, a career banker, has been at Family Bank for the past five and half years serving as Director, Retail Banking and later as the Managing Director and CEO.” read the statement in part.
Family Bank has stumbled in recent quarters, posting a loss of Sh 1 Billion for the full year ended December 2017. This was major dip compared to the previous year when the lender posted a profit of Sh 352 million, which was also a drop of 82%.
However in the half year period ended June 2018, the lender bounced back to profitability after it reported an after-tax profit of Sh101.5 million, largely on the back of cost control measures leading to a decline of 12% in the total operating expenses to Sh3.1 billion.
Prior to joining Family Bank, Mr. Thuku held several senior positions at Standard Chartered Bank and Barclays Bank including Investment Management, Project Management, Product and Sales Innovation, Secured Lending and Business Banking and held senior positions such as Director Retail Banking in Seychelles among others.