Major changes in Databank …Keli moves on, Kojo Addae Mensah steps in

Databank Group’s CEO Keli Gadzekpo is set to resign from his post in May this year to take up a new role as the CEO of Enterprise Group, in a change that will see the current Chief Operating Officer of Ghana Commercial Bank, Kojo Addae Mensah, become the new CEO.

Mr. Addae Mensah is only the third Chief Executive in Databank’s 24-year history following co-founders Ken Ofori-Atta and Keli Gadzekpo.

The new CEO of Databank is expected to boost the company’s assets under management by about 20-25% within the next five years.

Currently, Databank -- an indigenous asset management company -- controls about 60% of the collective investment schemes market and about 12% share of the total assets under management in the country.

“So this then becomes the target that Kojo will have to increase…and five years is usually a good period,” said the Chairman of the Databank Group, Ken Ofori-Atta.

Mr. Ofori-Atta said the appointment of Mr. Addae Mensah is the first time that any of the founders of Databank will not occupy the seat of the CEO as the time is ripe for a new-generation leadership.

He said the search for the new Databank’s CEO was informed by finding a home-grown Ghanaian leadership talent with an unmatched professional pedigree, and more importantly share in the company’s leadership values.

“Kojo is in effect coming back home…The financial services sector in Ghana has been increasing in competitiveness. We want to continue to build our assets management business, which means that there is need for a strong operational and retail background -- and in Kojo we find that type of skills-set and, more significantly, someone with appreciation of our values, which is important to us.

“Competition is increasing and clearly in our mind he has the capacity and value constructs to be able to move the company beyond where we have been able to do…We are expecting improvements from Kojo. We will remain on the Board and will support him.

“Kojo represents a belief in the capacity of the new generation of Ghanaians to surpass our legacy and a bold step to invigorate the future. We see great potential in terms of what he can do to create immense value for our clients and stakeholders,” he said.

Mr. Keli Gadzekpo, whose reign as the CEO of Databank spanned a period of about two-years, said the humility and sense of skill of the new company-head will position him to succeed at Databank.

He said: “Kojo has all the characteristics that we identified in our CEO succession-planning to ensure Databank has the right leadership as it moves into a new phase; he has the values, vision, energy and intellect to maintain our number-one position as the leading asset management firm in Ghana.

“His deep sector experience will help steer Databank through Ghana’s dynamic and increasingly competitive financial services market.”

Despite starting his career at Databank, few people within the company had ever heard of Kojo Addae Mensah until yesterday when the announcement was made that the 43-year old will be leading the investment banking giant -- a move widely seen as a major transition and generational change.

The appointment comes at a crucial juncture for Databank as the company is going through a restructuring process. He is expected to do well by sharpening innovation, cutting dead-weight and boosting morale.

Mr. Addae Mensah, who has previously worked as the COO of Barclays Bank and Standard Chartered Bank said: “Databank is a proud Ghanaian multi-national that has innovated in financial services since it was launched in 1990…The Databank brand is iconic, Ghanaian, entrepreneurial, has a can-do spirit, is respected for its values, is tested, trusted and robust -- and I’m really humbled to be asked to lead this firm.

“We are witnessing a rapid evolution of financial services on the continent, which makes it an exciting and testing time to be setting a strategy to consolidate our dominance in our asset management business.”

By Evans Boah-Mensah & Bernard Yaw Ashiadey | B&FT Online | Ghama