Yohannes Ayalew has resigned as president of the Development Bank of Ethiopia DBE. He cited personal reasons for his resignation. The bank’s vice president, Getachew Wake, has taken over Ayalew’s responsibilities as a precaution.
Reportedly, Yohannes Ayalew helped the bank recover from complex problems and losses during his tenure as president of DBE. He put the bank in a better position. Yohannes Ayalew is a notable Ethiopian economist and banker. He has held key positions in the financial sector, including vice governor of the National Bank of Ethiopia.
Yohannes cited personal reasons for his sudden resignation. However, insiders suggest that a recent board reshuffle may have influenced his decision. In February 2024, the federal government reorganized the boards of DBE and the Commercial Bank of Ethiopia (CBE). They appointed Teklewold Atnafu, the former chair of the CBE board, as the new chair of the DBE board, replacing Tegegnework Gettu.
This reshuffle brought Yohannes and Teklewold back together. They had previously worked at the National Bank of Ethiopia. Teklewold served as governor for over two decades, while Yohannes held the roles of vice governor and chief economist. Sources indicate that tensions between the two may have played a role in Yohannes’ resignation.
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