Mr Brako Adu Jr is expected to officially retire in December 2019. While Mr Owiredu will formally assume office as Managing Director from January 2020.
His nomination was announced at a private cocktail organized to honour exiting members of the board of the bank.
CAL Bank is expected to officially announce this development soon after it secures the required regulatory approval and shareholder approval.
The newly appointed MD is currently the Executive Director of the Bank and Chief Finance Officer. He was once the Director of Financial Control Department at the bank.
He started working with CAL Bank in 2004 after leaving accounting firm KPMG where he served in a senior management role for eight years.
He is a fellow of the Institute of Chartered Accountants UK, a member of the Risk Management and Surveillance Committee, a sub-committee of the Council of the Ghana Stock Exchange (GSE).
Frank Adu retires from CAL Bank
The current MD of CAL Bank, Frank Adu, is expected to retire after serving the bank for more than 20 years.
He joined the bank in 1992. He was appointed as Deputy MD and finally MD in 2000. This means he has served 10 years as a staff and 17 years as MD.
Mr Adu led the transformation of CAL bank to a strong financial institution in the country’s banking sector.
Under his tenure, the bank moved from a small corporate-focused bank with three branches to a universal bank with 28 branches and about 850 employees.