National Insurance Company of Ethiopia S.C. (NICE), one of the insurance firms in Ethiopia, lost its CEO, Tedros Bogale. His resignation, according to Fortune, is going to be effective from January 7, 2017.
This is the second time Tedros resigned from his job at NICE. It was only a year ago he decided to leave his job at the insurance company but came back working after hired for a limited period. Back then he resigned when the company’s long serving CEO and current member of board of directors, Habtemariam Shimgizaw, retired. “It was difficult to lose two CEOs at the same time, so the company decided to bring him back,” Tesfaye Debella, CEO of NICE explained.
Tedros has claimed to have resigned from his position following board interference. “During both resignations, one of the issues that caused me to leave was board interference in the management of the company,” said Tedros.
Commenting on the matter, Habtemariam said, “The board did not intervene unduly”.
It was after working for 17 years in different capacities that Tedros left NICE. He started from IT officer and passed through different positions. Hel also held the Deputy CEO position for 9 years.
Last year’s performance of NICE showed decline in profit after tax. The company earned 21 million Birr last year, which was 10 million Birr less than the company’s performance in 2014/2015.