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Dfcu Bank Hit By Leadership Crisis As Top ED Quits

A top manager at Dfcu bank has quit his job to join another financial institution.

William Sekabembe, who has been serving as the Chief of Business and Executive Director of the embattled DFCU bank resigned his job early this week to join KCB as Managing Director, an industry source told this website.

His quitting could throw the bank into a leadership crisis considering the fact that he has been the face of the bank for the last two years.

Sources indicate that Sekabembe was being groomed to take over from Juma Kisaame, the current Managing Director whose contract expires sometime this year.

“Sekabembe was supposed to become dfcu’s Managing Director in 2017 but the Board decided to give more time to retiring Kisaame to successfully complete Crane Bank acquisition,” a source said, adding that went the opportunity came to join another bank as the head, he didn’t think twice.

Another source said that dfcu’s delay to appoint Sekabembe was education related; the bank wanted him to first have a Masters degree in Business Management and Administration, a thing that frustrated him further.

The source added that Kisaame wants to retire and that the bank may either pick  one of  its senior managers to replace him or advertise the job sometime this year.

Efforts to get Dfcu bank comment on this development were futile as we had not received a response at the time of posting this story.

Sekabembe becomes a third high ranking person at DFCU bank to resign in a spate of about one week.

Last week, Britain government owned CDC Group after a decade of doing business with DFCU, wrote to the bank chairman Elly Karuhanga communicating its intention to sell its stake.

Shortly after the CDC announcement, Deepak Malik, the CEO of Arise B.V; dfcu’s majority shareholder also resigned from the board without giving reasons.

Sekabembe’s Working Experience

A holder of an MA, Economic Policy and Planning (2002-2004) from Makerere University, Sekabembe, started his banking career at Standard Chartered Bank in 1999 as a Personal Banker and in July 2001 he crossed over to Barclays Bank as a Prestige Banker. For 9 years at Barclays he rose through the ranks, becoming Head SME Banking in October 2008 and then was promoted to Head of Branch Distribution in December 2009.

In May 2010, he moved to Stanbic Bank as Head of Products and after one year and seven months, moved to dfcu Bank as Head Consumer Banking in May 2012. He then became the Head, Corporate Banking before being promoted to Chief of Business & Executive Director in October 2016.

 

 

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Taddewo William Senyonyi
https://www.facebook.com/senyonyi.taddewo
William is a seasoned business and finance journalist. He is also an agripreneur and a coffee enthusiast.

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