10th Dec 2018 08:41
LONDON (Alliance News) - Bank of Georgia Group PLC said on Monday that Chief Executive Officer Kaha Kiknavelidze will step down as soon as a successor can be appointed.
The FTSE 250-listed bank expects to appoint a successor to Kiknavelidze in the first quarter of 2019. After that time, Kiknavelidze will remain at Bank of Georgia as a senior advisor to the Supervisory Board.
Kiknavelidze has been chief executive at the bank for two years since 2016, and prior to that was a non-executive director for BGEO Group PLC for five years from 2011 to 2016.
BGEO Group was the holding company for the Bank of Georgia and Georgia Capital PLC until it demerged in the first quarter of 2018.
"Having recently completed the demerger of Bank of Georgia from the BGEO group, Kaha has managed the bank to deliver its key objectives of strong profitability and customer lending growth, during a time of significant corporate and regulatory change," said Chairman Neil Janin.
"The board is pleased with these achievements; however, after a period of reflection, the board and Kaha have mutually agreed that the time is now right for a new chief executive to take the business to its next phase and to drive the many new initiatives and opportunities, in areas such as digitalisation, wealth management, product innovation and customer service together with further process automation initiatives," Janin added.
Shares in Bank of Georgia were down 0.6% at 1,344.80 pence on Monday.
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