ADB Board confirms extension of MD’s tenure

The tenure of the embattled Managing Director of ADB Bank, Stephen Kpordzih has been extended for three years, Starr Business has gathered.

The extension was contained in a letter of re-appointment purportedly signed by the board chairman of the bank and addressed to Mr. Kpordzih and copied to President Mahama and the Finance Minister.

Mr. Kpodzih’s term as ADB’s MD has been relatively smooth except for worker agitations this year which threatened to soil his credentials as a manager.

The letter, according to close sources, said “the board has decided to re-appoint you as managing director of the Agricultural Development Bank limited with effect from 1st August 2015”.

The appointment comes at a time when workers of the bank have been agitating for his removal as well as the dissolution of the board of the bank for alleged financial malfeasance and conflict of interest.

Meanwhile, government is yet to respond to an ultimatum issued by the Union of Commerce, Industry and Finance workers threatening to embark on a sit down strike in the next few days if their concerns are not addressed.

Mr.Kpodzih’s term as Managing Director of ADB has been characterized by an aggressive expansion of the Bank’s branch network and the rebranding from Agricultural Development Bank to ADB Bank.