The Executive Director and Chief Financial Officer of CAL Bank, Philip Owiredu, is to succeed Frank Brako Adu Junior, as Managing Director following Bank of Ghana’s (BoG) approval. 

JoyBusiness understands that Mr Owiredu is expected to formally assume office as Managing Director from January 2020, when the current boss of the bank, Mr Frank Brako Adu, finally retires by December 2019.

An official announcement is expected in the coming days subject to securing the required regulatory approval and shareholder approval.

Who is Philip Owiredu?

Mr Philip Owiredu is currently the Executive Director of the Bank and Chief Finance Officer.

Prior to this, he was the Director of Financial Control Department at the bank, which is responsible for all the financial management support and compliance with legal regulatory requirements.

He joined CAL bank in December 2004 from accounting firm KPMG where he served in a senior management role for eight years.

A fellow of the Institute of Chartered Accountants UK, he is also a member of the Risk Management and Surveillance Committee, a sub-committee of the Council of the Ghana Stock Exchange (GSE).

His nomination was announced at a private cocktail for some exiting members of the board of the bank.

Frank Adu retiring from CAL BANK

Sources tell JoyBusiness that the current Managing Director, Frank Adu, is expected to formally retire after serving the bank for more than 20 years.

He is credited with the transformation of CAL bank to a strong financial institution and among the big players in the country’s country’s banking sector. 

He later moved to become the bank’s treasurer in 1994 and in 1999, then rose to Deputy MD and finally the MD in the year 2000.

In essence, he has served 10 years as a staff and 17 years as MD.

Under his tenure, Mr Adu helped transform the bank from a small corporate-focused bank with three branches to a universal bank with 28 branches and about 850 employees.

Changes on the board of CAL BANK

Sources have also told JoyBusiness that some six persons have also been nominated to the board of CAL Bank. They are expected to replace some members of the board who are stepping down.

Sources say the six persons include Joe Mensah of Ghana International Bank, Yorku Korsah formerly of the Ghana Interbank Payments and Settlement Systems, Ben Barth of Jona Capital, one Solomon Asamoah and Dr Cynthia Forson.

These nominations are subject to securing the required regulatory and shareholder approvals.