Related:
ECX
Board of Directors appoints interim CEO
----
ECX Appoints Former Zemen Bank VP as CEO
By Fasika
Tadesse
December 15,
2014
Following a year-long selection, ECX again chooses a bank
executive as its leader.
 |
Ermias Eshatu, the Newly appointed CEO of ECX
Photo: Courtesy of
Addis Fortune
|
The Ethiopian Commodity Exchange (ECX) has appointed Ermias
Eshatu, vice president of Zemen Bank, as its Chief Executive Officer (CEO)
after a year long selection process. The ECX, which is struggling to meet
targets, is choosing a bank executive for its leader for a second time.
The ECX was established in 2007 and commenced its trading
operations in 2008. As a public-private enterprise partnership aiming to create
a market infrastructure for framers to trade their agricultural products,
mainly grains, and transforming the country's agriculture into a
market-oriented production. It is mainly trading cash crops, such as coffee and
sesame, as well as other produce, including maize, wheat, pea beans and mung
beans. The Ethiopian Commodity Exchange Authority (ECXA) is the mandated body
regulating the ECX.
The ECX Board of Directors that has 11 members and chaired by
Addisu Legesse, senior government official and former deputy prime minister of
Ethiopia, had short -listed five candidates, which had been evaluated for the
past six months, culminating with the choice of Ermias as its CEO.
Since its establishment, the ECX has had two CEOs, Eleni G.
Medhin (PhD) and Anteneh Assefa. The latter resigned from his position and went
to the United States (US) a year ago. The ECX has been run by its interim CEO
Shimelis Habetewold since January 2014; Ermias will take the post starting from
January 1, 2015.
Eleni, founder and the first CEO of the Exchange, resigned on
September 30, 2012, following pressures for failing to attain targets, sources
say. She was replaced by Anteneh, who was operations vice president at the Bank
of Abyssinia (BoA). He attributed his resignation to medical reasons, but
sources say he had frustrations with continuous problems at the ECX warehouses.
Ermias, the new CEO, has a BA Degree in Computation from the
University of Manchester Institute of Science & Technology (UMIST), and
obtained his Masters in International Business from the Manchester School of
Management, both of which are in the United Kingdom. His CV indicates work
experience at different management positions for the last 20 years, both
locally and internationally, including at IBM, Alcatel, Orange and
MicroStrategy. Recently he served as executive management member at Zemen Bank,
and most recently as vice president, marketing and corporate services.
The ECX Board has decided that the interim CEO, Shemlis, who has
served the Exchange for the last eight years in different positions, will
continue his role in his former position of Chief Compliance Officer as of
January 1, 2015.
The new CEO is capable for the position as he was working in the
bank industry, which means he has a close relationship with the business
community to help solve the problems that are observed at the ECX, says Tadelle
Abreha, owner and general manager of Green Coffee Agro-Industry Plc, who has
been working with the ECX since it was established.
There were reports that the ECX had been facing challenges in
warehouse management, where the quality of produce traded on the floor would be
different upon delivery than at the warehouse. Some warehouse workers are
accused of removing high grade commodities from their sacks and replacing them
with lower grade goods, with the sacks still displaying the high grade labels
at the 60 warehouses of the ECX, located at 19 different sites. The ECX had to
fire some people because of this.
To solve the problem, the Ministry of Trade (MoT) designed a
directive for the establishment of an independent enterprise accountable to the
ministry and responsible for managing the warehouses. The directive had sent to
the Council of Ministers for approval. The separation will minimise the
problems related to handling the processes, both at the trading floor and at
warehouses, Kebede Chane, minister of Trade told Fortune on August 2014, while
explaining the establishment of the new Exchange.
The previous management denied that problems existed at the
warehouses, said Tadelle. They also communicated poorly with business people,
he said, calling on Ermias to establish good communication with business people
to avoid problems.
Ethiopian Commodity Exchange gets new CEO
ENA*
December
18, 2014
Addis Ababa, Ethiopia - The Board of
Directors Office of the Ethiopian Commodity Exchange (ECX) today announced the appointment of Ermias Eshetu as Chief Executive Officer of the ECX
effective next month.
A press release issued by the Office said
Ermias has held a range of leadership positions locally and abroad. He has
served as an Executive Management Member at Zemen Bank, most
recently as Vice President for Marketing and Corporate Services.
The newly appointed CEO has earned Master’s
degree in International Business from Manchester School of Management and a
Bachelor degree in Computation at UMIST, in the United Kingdom. Over the past
20 years, Ermias has worked at multi-national organization such as IBM,
Alcatel, Orange and Micro Strategy, it was learned.
Ethiopian Commodity Exchange is a leading
market place where buyers and sellers come together to trade, assured of
quality, delivery and payment. It is a national multi-commodity exchange that
provides market integrity, enhanced market efficiency, ensures transparency and
allows trade risk management.
---
* Ethiopia News
Agency (ENA) is a communication agent financed by public funds and run by the
government of Ethiopia
No comments:
Post a Comment
Join the conversation