Successor of CAL Bank MD, Dr Frank Adu Jr, named

Mr. Phillip Owiredu, Executive Director and Chief Financial Officer of CAL Bank, has been named as the successor to Dr. Frank Adu Jnr , the outgoing Managing Director of the bank.

His appointment starts in January 2020 by which time Dr. Frank Adu Jnr would have retired.

MR. PHILLIP OWIREDU

Mr. Owiredu has worked with the bank since 2004 from KPMG where he served for eight years. Prior to this appointment, 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’s nomination was again announced at a private cocktail for some exiting members of the board of the bank.

DR. FRANK ADU JNR

Dr Frank Adu Jnr has worked with the bank for close to 30 years, with 19 years as the managing director. He had earlier served in the senior treasury and Deputy MD positions.

He could be credited with growing the bank from a 3-branch institution to a 28-branch bank employing about 850 employees. His latest endeavour was to have led the agency banking initiative which will see the bank expand its deposit base over the coming years.

The nomination of his successor is subject to securing the required regulatory and shareholder approvals.

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