Esayas Bahre, long serving president of Development Bank of Ethiopia, has left his post effective November 18, 2016. Esayas’ tenure came to an end when he received a letter of dismissal from the Public Financial Institutions Supervision Agency, signed by Director General, Sintayehu Woldemichael.
No explanation for his removal was mentioned in the letter, according to source from the Bank.
Esayas, 52, began his career in banking industry at the Commercial Bank of Ethiopia, working his way up to Vice President of Branch Operation & Coordination. He became president of the DBE in 2008.
“I am thinking of having a rest for now,” Esayas told Fortune.
“So far no new nominees for the position of President have come from the Agency,” said Behailu Kassaye (PhD), communication director of DBE.