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Transcorp announces appointment of new CEO

By on August 15, 2014

The Board of Directors of Transnational Corporation of Nigeria Plc on Tuesday announced the appointment of Mr. Emmanuel Nnorom as the President/Chief Executive Officer of the company.

Nnorom, according to a statement by Transcorp, will formally take office on September 1, 2014, succeeding Mr. Obinna Ufudo, who led the company since 2011.

The appointment, the statement said, represented an important milestone in Transcorp’s transformation, as the company moved from stabilisation, following the acquisition of a strategic stake by Heirs Holdings, to accelerated growth, as investments in power, oil and gas, and real estate and hospitality come to fruition.

Nnorom’s key role will be to lead the acceleration and deepening of the company’s investments in its four strategic business sectors — hospitality, power, agriculture, and oil and gas, and to build on Ufudo’s achievements in repositioning Transcorp for growth, according to the statement.

Nnorom is currently the President/Chief Operation Officer of Heirs Holdings, and served as a non-Executive Director of Transcorp earlier this year. Previously, he was an Executive Director of United Bank for Africa Plc, occupying a number of senior roles and leading the group’s African subsidiaries.

He has also held the position of Group Chief Operating Officer at UBA, with responsibility over information technology, operations, corporate services, marketing and corporate communications and regulatory affairs.

Nnorom is an alumnus of Templeton College, Oxford University, and a Fellow of both the Institute of Chartered Accountants of Nigeria and Chartered Institute of Bankers of Nigeria.

The Chairman of Transcorp, Mr. Tony Elumelu, thanked Ufudo for delivering on the company’s objectives under the first phase of the turnaround programme.

Elumelu said, “In his three years as the CEO of the Transcorp Group, Obinna Ufudo laid a strong foundation of good governance, achieved significant financial returns for the company and played a key role in transforming an ailing enterprise into an emerging investment powerhouse, with a market capitalisation of over $1.2bn.”

 

[Punch]