Chams Notifies NSE of Aladekomo’s Retirement, Names New Helmsman

Chams Plc has notified the Nigerian Stock Exchange (NSE) of some changes in the management of the company in fulfillment of an orderly leadership transition required of publicly traded companies.

Founded in 1985, Chams transited from a privately held company into a public liability company in 2008.

Demola Aladekomo, founding managing director, who has served the company in this capacity for almost 30 years, would be retiring effective 18 September 2015 and the Board has approved the appointments of Olufemi Williams as managing director and Luqman Balogun as deputy managing director, respectively.

“Demola has been a very strong leader, the only Group Managing Director and CEO in the company’s great and nearly 30-year history, and one who has managed the company through challenging times and market transitions. The board is grateful for his innumerable contributions to the company and his distinguished tenure as CEO over the last 29 years,” said Ayo Richards, chairman of the board.

“After almost three decades with the company as CEO, it is time to move on and transfer execution to a new generation of leadership. I look forward to working with the chairman, board and management team during the seven-month transition period and to being available as an advisor to management after retiring as CEO. I am confident Chams has all its best days ahead”, Aladekomo said.

Aladekomo will proceed on leave in April 2015, handing over to Olufemi Williams as the Group Managing Director and Chief Executive Officer. Williams takes over from Aladekomo in alignment with the board of director’s ratified succession planning which emphasizes promoting capable internal candidates to leadership positions.

Until the announcement of Aladekomo’s retirement, Williams was the Deputy Managing Director, and a Chams Plc veteran having joined the company in 1990 as a Computer Engineer.

He rose to the position of General Manager in January 2001, and held same until he joined SuperCard Limited as Managing Director in March 2004. Olufemi was appointed Deputy Managing Director, Chams Plc in January 2012 after the merger of SuperCard Limited with Chams Plc.

Luqman Balogun, who is the current Managing Director of CardCentre Nigeria Limited, a subsidiary of Chams Plc, has been named the Deputy Managing Director.

Prior to joining CardCentre in June 2013 as MD/CEO, Balogun spent 22 years in the banking sector in a career spanning retail and commercial banking, banking operations and Information Technology, credit and relationship management, cards and electronic banking, and project management.