The majority shareholder of Accra Hearts of Oak, Togbe Afede XIV, appears to have tightened his grip on the club after he was made the Executive Chairman of the club after a board meeting on Friday, 9th November.
Togbe Afede, who is also the Board chairman of the club, will assume the position of Chief Executive Officer of the phobians for a three month period before a substantive CEO is appointed.
According to a source at the club, the new measure is expected to prepare the grounds for the appointment of a permanent CEO.
The CEO position became vacant following the expiration of the mandate of Fred Crentsil before the season started.
The former General Manager of Hearts, Ashford Tetteh Oku was initially penciled down for the position but he resigned last week following a backlash from the board on the clubs dwindling fortunes in the league.
Hearts lie 9th on the log after six matches and have lost three times.
The Board is also unhappy at the manner in which the management of the club spent the ¢500,000.00 it released for player recruitment before the season got underway.
For instance, the former Hearts of Lions striker Gilbert Fiamenyo was signed by Hearts of Oak for ¢80,000.00 including his enticement fee, but the player is yet to play for the phobians and now needs to undergo surgery at the expense of the club.
The latest development comes after a report suggested that majority shareholder Togbe Afede XIV, was ready to sell his stake in the club after a series of poor performances by the team in the Glo premier league.
Togbe Afede XIV, who is also the President of the Volta Regional House of Chiefs, is a well known no businessman and founder of Strategic African Securities Ltd.
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