Ecobank Transnational Incorporated (ETI) has appointed Albert Essien as new group Chief Executive Officer of the Company.

Albert Essien has been at Ecobank for more than 20years, rising to the position of Deputy Group CEO two years ago.

His appointment follows the departure of the current Group Chief Executive of the bank, Hennery Tanoh, effective Wednesday, March 12, 2014.

Some analysts have alleged that Mr. Tanoh's exit follows calls for his removal for allegedly presiding over some corporate governance flaws at the bank.

It is however unclear whether, Mr. Tanoh resigned willingly or he was forced out by the board, following request by other executive directors for him to step aside.

Prior to becoming Deputy CEO, Mr. Essien was the Regional Head for the Anglophone West Africa (excluding Nigeria) and Eastern and Southern Africa (ESA) regions.

 Announcing the replacement, ETI Interim Chairman, André Siaka said “Mr. Albert Essien has the experience and knowledge that Ecobank needs to take us forward as we continue to implement our strategy, which is to deliver outstanding customer service, to improve long-term shareholder value and returns and to be the employer of choice in our markets.”

He also wished the outgoing CEO, Thierry Tanoh well in his new field of endeavour.

Meanwhile, the Board of Directors of ETI also announced that in line with a directive the Securities and Exchange Commission of Nigeria, Mrs. Laurence do Rego is reinstated as Group Executive Director of Finance and Risk with immediate effect.

During their Board meeting, the Directors reaffirmed their commitment to implementing the detailed 51-point Governance Action Plan adopted by shareholders at an Extraordinary General Meeting held at Ecobank’s Pan African Centre in Lomé on March 3, 2014.

The plan, which is expected to be implemented by the end of April 2014, aims at strengthening governance within the Ecobank Group.