The Managing Director of ADB, Stephen Kpordzih has resigned as boss of the bank.

Mr Kpordzih put in his resignation to the board on January 4, Joy Business can confirm.

Sources say his action has been influenced by some concerns over how his contract renewal has been handled by the board.  

According to a letter written to the board and sighted by JOYBUSINESS,   Mr. Kpordzih noted that he was writing to notify the board on his decision  not to seek  any further extension of this contract.   

Some industry players fear his resignation might affect the on-going IPO of the bank.

 His resignation contrasts earlier position taken by the Board and Management of the Bank. 

The Agricultural Development Bank late last year denied media reports that its MD Stephen Kpordzih was stepping down by January 2016.  

The denial follows reports that the MD’s contract has not been renewed by the Board, per a letter handed over to him on December 29, 2015.

But in statement, the bank said “We wish to state emphatically that there has not been any communication from the board to the Managing Director about the non-renewal of his contract”

According to the statement, its last Board meeting was on the 23rd December 2015 and the future status of the Managing Director, Mr. Stephen Kpordzih was not part of the agenda and was never discussed since his contract had not expired.  

It added that the Marketing & Communications department of the bank was always available for any clarification on issues.

The Bank will soon have to appoint a new MD.

The followiing the details of the letter.

The Managing Director

IC Securities (Ghana) Limited North Ridge

Accra

Dear Sir,

END OF CONTRACT OF EMPLOYMENT EXTENSION

Please see attached a letter addressed to the Board Chairman of Adb indicating my decision not to seek an extension of my contract upon its expiration on January 31, 2016.

In view of this I can no longer be involved in the IPO process.

Consequently you are advised to refer all issues relating to the IPO to Mr. James Agbedor, who is the Board Secretary.

I wish you a very successful IPO.

STEPHEN KPORDZIH MANA ING DIRECTOR

Encl.

Cc:

Board Chairman, Adb

Mr. James Agbedor, Board Secretary