MD Still At Post ADB

ADB Bank has denied media reports that its Managing Director, Stephen Kpordzih, has been shown the exit by the board of the bank because it failed to renew his contract with the bank at its recent meeting.

A press statement issued by the bank yesterday and signed by Solomon Adu Atefoe, Marketing & Communication Manager said, “Our attention has been drawn to a news item with the above caption on and being carried on air by the same media house about Mr. Stephen Kpordzih, the Managing Director of the Bank.”

“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.”

The statement said the last board meeting of the bank was on the 23rd December 2015, adding that the future of the Managing Director, Mr. Stephen Kpordzih, was never discussed since his contract extension had not expired.

“We have observed in recent times the consistent agenda by citifm in particular to run down the positive gains of the bank and malign the Managing Director, Mr. Stephen Kpordzih.

This behavior we find unprofessional, unethical and unbecoming of a media organization which claims of high professional standards.”

It indicated that the Marketing & Communications Department of the bank was always available for any clarification on issues and called on the radio station to explore the cordial relationship that exist.

“We wish to urge our customers to disregard the news item and be assured of a successful IPO by the Bank.”

Citi Business News had reported that the board informed Mr Kpordzih over the non-renewal of his contact in a letter handed to him on 29th December, 2015 and said the MD was expected to bow out in the first week of January, 2016.

It also mentioned that in September 2015, Stephen Kpordzih’s contract was extended for six months after it expired in July, this year.

“A letter of extension of duration of contract signed by board chairman, Nana Soglo Alloh IV, addressed to Stephen Kpordzih and copied to the secretary of the President John Mahama, Chief of staff and the Finance Minister, stated that his extension took effect from August 1st, 2015.

Mr Kpordzih’s tenure expired on July 31st 2015 but he remained in office. Mr Kpordzih has come under intense criticism over moves to launch an Initial Public Offer (IPO) for the bank.

The launch was held on 23rd December, 2015.