Royal Exchange Plc has announced the appointment of Mr. Chike Mokwunye as its new Group Managing Director-designate, following the disengagement of Mr. Allan Walmsley, whose tenure will expire on April 14, 2011.

A statement by the company on Friday said that the new structure emerged at the end of a meeting of the Board of Directors of the company in Lagos recently.

The Chairman, Royal Exchange Plc, Mr. Kenneth Odogwu, was said to have commended “Walmsley’s esteemed service and contribution towards the vision of the company.”

Odogwu expressed appreciation “for the symbiotic relationship” that Walmsley shared with the board throughout his three-year tenure. Mokwunye, who was formerly the Group Executive Director, Services, is expected to work closely with Walmsley pending the final handing over of duties.

A 1981 graduate of the Ahmadu Bello University, Zaria, Chike also has a Masters degree in Banking and Finance from the University of Benin with over 29 years post-graduate experience in banking and insurance.

Source: Punch