LONDON (Alliance News) - Africa-focused financial services company Atlas Mara Ltd said Thursday its chief executive has stepped down, as the company raised funds and plans a major cost-cutting exercise.
Atlas Mara said John Vitalo has stepped down as CEO and from its board, with a new chief executive to be appointed in "due course".
The company is also planning a major restructuring and cost-cutting programme, which it says will bring operating expenses and staff costs down by more than USD20.0 million per year.
Atlas Mara said it intends to accelerate its three "core areas" of Commercial & Retail Banking, Fintech and Markets & Treasury. Therefore, new heads of two of its divisions are being appointed.
Sanjeev Anand, currently managing director of Atlas Mara's subsidiary Banque Populaire du Rwanda, will become managing director for Commercial & Retail Banking.
Chidi Okpala, currently chief digital officer, will become Fintech managing director. Mike Christelis will continue in his role as head of Treasury and Markets.
Additionally, Atlas Mara said it has placed around 7.0 million shares at a price of USD1.9125 each. This placing raised proceeds of approximately UDSD13.5 million which will be used for expansion of its Fintech and Global Markets business, along with general corporate purposes.
Shares in Atlas Mara were down 2.3% at USD2.06 on Thursday morning.
Atlas Mara said it expects its 2016 full-year earnings to be "broadly in line with market expectations".
By Adam Clark; adamclark@alliancenews.com
Copyright 2017 Alliance News Limited. All Rights Reserved.
