The appointment comes more than a year after former CEO John Vitalo resigned amid growing investor concern over his hesitant performance and declining stock prices. The group has therefore remained without a managing director since February 2017.
Atlas Mara has acquired interests in seven countries in sub-Saharan Africa, including Nigeria, Botswana, Zimbabwe, Mozambique, Rwanda, Tanzania and Zambia. Only, its performance has disappointed investors and its shares have fallen by 80% since their IPO in 2013.
A situation that seems to be stabilizing lately. Indeed, on Tuesday, the group announced a net profit more than five times higher than $ 45.4 million, boosted by a $ 20.6 million extraordinary gain resulting from the increase of its stake in Union Bank of Nigeria .
