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Equity Bank CEO James Mwangi has indicated that he is not about to retire and looks to remain at the helm of the lender for another two decades.
This week, 57-year-old Mwangi said he wants to lead the company until he clocks age 75, Business Daily reported.
“The earliest may be on my own volition that I would ask to retire is when I turn 75!” Mwangi said.
He added: “I have another 20 years. I take consolation from one of my role models, Warren Buffett who is still chief executive at the range of 87.”
Mwangi, who has served the company for a period of 29 years, wants to cement Equity’s expansion in Africa over the next 20 years before calling it quits, according to Business Daily.
“Mr. Mwangi’s intention to serve longer will cement his position as one of the longest tenures among publicly traded firms. He joined the bank as finance director before rising to chief executive in the 1990s when Equity was still a building society,” BD reported.
Mwangi is the highest individual shareholder in Equity Bank with a 5.52 percent stake of its 3.77 billion shares.
He controls a total of 208 million shares in the bank with an estimated market value of Sh8.93 billion.
Mwangi pocketed Sh416 million in dividends after the lender announced a net profit of Sh19.8 billion for the year ended December 31st, 2018.
On Tuesday, Equity announced that its nine-month net profit rose to Sh17.46 billion, up from Sh15.58 billion in the same period last year.
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Overweight issue. The good book tells us about this..........16 And he told them this parable: “The ground of a certain rich man yielded an abundant harvest. 17 He thought to himself, ‘What shall I do? I have no place to store my crops.’
18 “Then he said, ‘This is what I’ll do. I will tear down my barns and build bigger ones, and there I will store my surplus grain. 19 And I’ll say to myself, “You have plenty of grain laid up for many years. Take life easy; eat, drink and be merry.”’
20 “But God said to him, ‘You fool! This very night your life will be demanded from you. Then who will get what you have prepared for yourself?’
Well referenced @Kenya. I wouldn't have put it better.
You must be under 30. At such a young age there is a tendency to over estimate older people's ages by a decade and lower one's age by same number of years!
Bwana, Mwangi. I admire your ambitions and I am immensely proud of you as one of the most generous Kenyan alive. Having said that, please revisit the bible and read Jeremiah 33.3. After reading, kindly redo your speech to add: If by HIS Grace I live to be a very old man, it will be your intention to retire at 75. Thank you and be blessed.
What makes you think that Dr. Mwangi did not recognize God's grace? It's Business Daily, a non religious publication! Chill out folks, one does not have to wear their christianity on their sleeves to prove their relationship with their maker.
In other words: "God willing, I will retire at 75." Amen!!!
It is God's will that we live to one hundred and two score (
120)years. Dr Mwangi is perfectly in order to dream of leading Equity Bank till his 75th birthday. Faith is the substance of things not seen, the evidence of things hoped for.
Are you saying that God put him where he is?In that acase God was willing to have him there,then why should he later not be willing? Change his mind? Or is the seat conditional...?That the doctor should not sin any more while holding that post...
But he looks 67 (not 57) and 10yrs older.