I will Retire from Equity Bank at 75, CEO James Mwangi Says

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.