The surviving board of directors of Cooperative Bank of Oromia (CBO) has installed this morning a new but acting guard at the helm, under the chairmanship of Belachew Hurrissa, an agricultural economist with 30-year experience in the livestock industry under his belt. The board, after its crises meeting today, appointed Muluneh Disasa as the bank’s acting president, while Fiyera Ejeata and Gezaw Hailu were appointed as vice presidents for resource and services, and core services management.
This sudden change of guard at the CBO came after regulators at the central bank suspended from office Abera Deressa, the bank’s chairman of board of directors, and three of its senior executives, yesterday, September 24, 2015. CBO’s President, Wondimagegnehu Negera, and two of his deputies, Abebe Tilahun and Tollosa Beyene, have also been suspended in relation to the bank’s conduct in foreign exchange operations.
