Philip Owiredu to succeed Frank Adu Jr. as CAL Bank MD

The Executive Director and Chief Financial Officer of CAL Bank, Philip Owiredu is to succeed Frank Brako Adu Junior as Managing Director following Bank of Ghana (BoG) approval.

JoyBusiness understands that Mr Owiredu is expected to formally assume office as Managing Director from January 2020 when the current boss of the bank Mr Frank Brako Adu finally retires by December 2019.

An official announcement is expected in the coming day subject to securing the required regulatory approval and shareholder approval.

Who is Philip Owiredu?

Mr Philip Owiredu is the currently the Executive Director of the Bank and Chief Finance Officer. Prior to this, he was the Director of the bank’s Financial Control Department which is responsible for all the financial management support and compliance with legal regulatory requirements.

He joined the bank in December 2004 from accounting firm KPMG where he served in senior management for eight years. Mr Owiredu is a fellow of the Institute of Chartered Accountants UK.

He is also a member of the Risk Management and Surveillance Committee, a sub-committee of the Council of the Ghana Stock Exchange.

Mr Owiredu nomination was again announced to at a private cocktail for some exiting members of the board of the bank.

Frank Adu retiring from CAL BANK
Sources tell JoyBusiness that the current Managing Director Frank Adu is expected to formally retire after serving with the bank for more than 20 years.

He is credited with the transformation of the bank to a strong financial and among the big players in the country. Mr Frank Adu as an analyst in 1990.

He later moved to become the treasurer in 1994 and in 1999, the Deputy MD and finally the MD in the year 2000. So he has 10 years as a staff and 17 years as MD.

Under his tenure, Mr Adu help transform the bank from a small corporate-focused bank with three (3) branches to a universal bank with 28 branches and about 850 employees.

Changes on the board of CAL BANK
Sources have also told JoyBusiness is also learning that some six persons have also been nominated to the board of the CAL. They are expected to replace some members of the board who are stepping down.

Sources say the six persons include Joe Mensah of Ghana International Bank, Yorku Korsah formally of the Ghana Interbank Payments and Settlement Systems, Ben Barth of Jona Capital, one Solomon Asamoah and Dr Cynthia Forson.

These nominations are subject to securing the required regulatory and shareholder approvals.