FirstBank has axed close to 100 senior staff members in what is describe as a major organizational shakeup. Some of the bank’s top executives were asked to leave as part of its repositioning plan for 2025, according to reliable sources quoted by Nairametrics.
The exits appear to be part of a concerted effort by the holding company of the board, led by Femi Otedola, to introduce fresh blood into several leadership positions in the bank, the source further explained.
Sources indicate that the board of FirstBank approved the exit of about 100 senior executives as part of the bank’s “corporate restructuring and repositioning,” following the confirmation of its new MD/CEO, Olusegun Alebiosu”.
Another source within the bank suggests some of the exits were voluntary, especially for senior executives who intend to explore other career prospects.
Nairametrics also reported that the exits include a prominent executive director whose tenure was not renewed over mutually agreed circumstances. Information from the bank’s website shows it has about 13 members in its executive team, six general managers, 33 deputy general managers, and 37 assistant general managers.
FirstBank has been undergoing significant management and board shakeups since Femi Otedola assumed the role of chairman of the company.
The latest management exits at FirstBank follow a series of significant board changes made earlier in the year, as billionaire businessman Femi Otedola took the reins as Chairman of FBN Holdings.