Equity Bank Chairman Peter Munga Retires After Serving A ‘Bonus’ Of Six Years

Founding Equity Group Chairman Dr Peter Munga has been retired by the board, after serving a ‘bonus’ of six years for the lender past his retirement age.

Dr Munga, 70, leaves office after he surpassed the recommended retirement age for board members which is 70 years. He is the founder of Equity Group and has served as Equity’s chairman since the bank began operating in 1984.

During his exit which was agreed upon during the shareholder’s Annual General Meeting (AGM), Munga was awarded KSh50 million for his committed and dedicated service at the regional lender.

Read: Safaricom Downplays Bob Collymore’s Exit Reports

Also retired during the AGM is non-executive director Mr Dennis Aluanga, who joined the bank in 2011.

“Mr. Dennis Aluanga retires by rotation accordance with Articles 101 of the Company’s Memorandum and Articles of Association and has hereby ceased being a director of the Company,” stated the company.

Aluanga also serves as a director at Nation Media Group, Vivo energy, and Helios Towers Tanzania.