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Director Appointments

Atlas Mara co-founder steps down

03 October 2017 09:24

Atlas Mara co-founder Ashish J. Thakkar and one of the group's founding directors, Tonye Cole, have stepped down from the board.

The sub-Saharan African financial services group announced a raft of changes to its board and management.

It said that in accordance with the terms of the agreement entered into with Fairfax Africa as part of the placing and open offer, the board had approved the appointments of Michael Wilkerson, Richard Boucher, Quinn McLean and Hisham Ezz Al-Arab as new directors.

Thakkar and Cole, who was chairman of the nomination committee, had stepped down.

The group said Rachel Robbins, Amadou Raimi, Funke Opeke and Eduardo Mondlane, Jr. would remain on the board.

Chairman Bob Diamond said: 'On behalf of the board, I wish to thank my partner and co-founder, Ashish and Tonye, one of our founding directors, for their incredible contributions to the Board.

'Ashish played an important role supporting the team in our Fintech business line and government and stakeholder relations, and will remain available to support us in these areas.

'Tonye will remain engaged in our Nigeria operations given the importance of Nigeria for our strategy.'

Regarding the incoming board members, Diamond said: 'I am pleased to welcome such accomplished individuals to the Atlas Mara board.

'Their skills and experience are excellent complements for our Board as we grow from strength to strength.'

Thakkar said: 'I am proud of what Bob and I have accomplished with Atlas Mara to position it for the next phase of growth.

'There is an unbelievable opportunity to grow the company's footprint and boost financial inclusion on our continent via facilitating access to finance for the underserved particularly SMEs.

'As a co-founder, I look forward to continuing to support the team to realise our vision.'

The company also announced that Arina McDonald would today step down from her position as chief financial officer to relocate back to South Africa for personal reasons and to pursue other interests.

In the interim, group MD of strategy and investments, Kenroy Dowers, would assume the role of CFO until a permanent hire is selected.

Atlas Mara said it remained on track with its profit and cost savings goals announced earlier this year.

At 9:24am: (LON:ATMA) Atlas Mara Coinvest Ltd share price was -0.05p at 2.65p

Story provided by StockMarketWire.com

Related Company: ATMA

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