Access Bank’s parent company (Access Holdings) is largely a “startup” now with the untimely passing of Herbert Wigwe. With no succession plan in place, any leader would likely struggle before all the stakeholders. So, to manage the paralysis, the Board has to return to a known vector, a co-founder, who had served as the banking unit’s CEO. So, it did not come as a surprise that Access Holdings has chosen Aigboje Aig-Imoukhuede as its chairman: “Following extensive consultations with key stakeholders, the holdco board decided to invite Mr Aig-Imoukhuede to the helm of governance”.
Founders have more bandwidth to try new ideas, win or make mistakes than professional managers, because they are assumed, as being founders, they are entwined within the interest of the mission they started. What could fire a professional manager could be accepted for a founder. In Facebook’s Meta, any manager would have gone during the company’s voyage into metaverse, but Mark Zuckerberg, being founder-CEO, was untouched.
It comes down to a new vision and executing that vision for Access Bank: “I am thrilled to be back in active service to the Access Group ecosystem. I am confident that working with our directors, our exceptional team of executives and our best-in-class banking and finance professionals, we will deliver outstanding value to our esteemed stakeholders,” Mr Aig-Imoukhuede said.
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Destination: the banks of the future will be tech companies which offer banking services, and not necessarily banks which use technology in their operations. Aig-Imoukhuede has to lead Access into that future. Good luck.
As a returning founder, in a banking institution with a broken succession, he needs to craft a new mission, especially during this time of an economic miry clay in Nigeria.
Access Bank’s parent company (Access Holdings) is largely a “startup” now with the untimely passing of Herbert Wigwe. With no succession plan in place, any leader would likely struggle before all the stakeholders. So, to manage the paralysis, the Board has to return to a known… pic.twitter.com/rIfLTwWX3i
— Ndubuisi Ekekwe (@ndekekwe) March 14, 2024
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