Ermias Eshetu, the CEO of the Ethiopian Commodity Exchange (ECX), has tendered his resignation letter to the board of directors of the trading enterprise.
The resignation of Ermias stunned many as it came at a time when the CEO was attempting to restructure ECX and introduce new trading services and working procedures. Though the resignation of the CEO is not yet made public reliable sources told The Reporter that the board of directors of ECX is holding an in-depth evaluation on the executive management including the CEO.
Sources said the rigorous evaluation has prompted the CEO to leave his position. According to sources, the board of directors of ECX has accepted the resignation letter of the CEO. However, Ermias would stay in office until the board finds a successor.
According to sources, the stringent evaluation held last week lasted until 5PM in the evening. “The evaluation dwelled on the performance of the trading floor (ECX) and on the issue of who should leave and who should remain in office. The CEO tendered his resignation letter in the wake of the in-depth evaluation,” sources told The Reporter.
The management of ECX declined to comment on the matter. The Reporter’s repeated attempts to reach Ermias could not be successful.
Ermias’s decision took many by surprise as he was publicising the new working procedures he was planning to introduce in ECX. Sources said the board’s in-depth evaluation aimed at reforming the ECX. According to sources, the evaluation is part of the board’s efforts to identify the weaknesses of ECX and reform the organization.
ECX was established by the acclaimed entrepreneur and intellectual Elleni Gebremedihn (PhD) in 2008. After the first CEO left her position Anteneh Abraham, former vice president of Abyssinia Bank, managed ECX for a short period of the time. Anteneh resigned due to illness.
Ermias replaced Anteneh three years ago. Ermias, 42, previously served Zemen Bank as vice president. Ermias is a returnee from the UK, where he lived for 20 years. In the UK, he served global IT giants including IBM and Alcatel.