FDH announces retirement of Thom Mpinganjira as group chief executive officer; Replaced by his son William

By Duncan Mlanjira

The Board of Directors of FDH Financial Holdings Limited has announced the retirement of its founder, Thomson Frank Mpinganjira as group chief executive officer with effect from 1st September, 2020 and has been replaced by his son, William.

The influential businessman and banker is answering charges of corruption. He was arrested by the Anti-Corruption Bureau (ACB) in January and was charged with three counts when he allegedly tried to bribe Constitutional Court Judges with an offer of K100 million.

The judges — Justices Mike Tembo, Ivy Kamanga, Redson Kapindu, Healy Potani and Dingiswayo Madise — were hearing the disputed 2019 presidential election case at that time first and the inducements were for them to rule in favour of the respondents Malawi Electoral Commission (MEC) and President Peter Mutharika.

Mpinganjira, who hails from Dzungu Village, Traditional Authority Bvumbwe in Thyolo District, first founded First Discount House in December 1999, which opened doors in April 2002.

He was its first managing director till 2007 when he started the process of setting up FDH Bank, whose banking license was obtained on 27 November 2007, and was its first managing director for one year.

FDH Financial Holdings Ltd was established in November 2007, as part of the group restructuring to replace the First Discount House as the holding company.

FDH Financial Holdings Limited currently has FDH Bank Plc, FDH Money Bureau Limited, First Discount House Limited, FDH Advisory Services and MSB Properties Limited as its subsidiaries.

A press statement from FDH Financial Holdings Board chairman, Noel Mkulichi says Mpinganjira’s retirement follows the fulfillment of his ambition and vision in December 1999 when the First Discount House was conceived and quotes him as recently saying:

“Following the successful listing of FDH Bank Plc, the flagship subsidiary of FDH Financial Holdings Limited, I consider my work done here and it is time to move on.”

FDH Bank Plc became the first ever indigenous Malawian privately founded business to be publicly listed on Malawi Stock Exchange.

“The Board of Directors and Management wish to express their appreciation to Dr. Mpinganjira for the vision and the hard work that led to the growth of the entity and wish him all the best in his future endeavors,” says Mkulichi’s statement.

“Dr. Mpinganjira’s vision was to leave a legacy that will outlive him and generations to come setting the pace for Malawians; a vision that has been realized through the growth of FDH Financial Holdings Limited and its subsidiaries, which provide jobs for more than 800 employees in the country.

“Dr. Mpinganjira is a well-known Philanthropist and has been locally and internationally recognized in his personal capacity and as founder and leader of FDH Financial Holdings Limited.”

The Board singled our some notable recognitions that include being recognized as one of the world’s leading and successful professionals and was listed in the Madison Who’s Who of Professionals and in the Sterling Who’s Who for Excellent Performance and Achievement.

And that he won the Capital Finance International (CFI) Outstanding Corporate Leader Africa Award in 2015 and the Malawi Broadcasting Corporation first Innovations Awards as Large Scale Entrepreneur of the Year in 2016.

“Recently, the All Africa Business Leaders Awards (AABLA) shortlisted him in the Business Leader of the Year and Entrepreneur of the Year categories for Southern Africa.

“Being a philanthropist, Dr. Mpinganjira will proceed to manage the Thomson and Barbara Mpinganjira Foundation and other family businesses, while FDH Financial Holdings Limited will continue its Corporate Social Responsibility works inspired by him.”

The Board further said William’s appointment has since been approved by the Reserve Bank of Malawi.

He is recognised by the Board as a seasoned banker with more than 11 years’ experience in the banking and financial services industry with international exposure in London.

Prior to this appointment, William worked as deputy managing director for FDH Bank for three years and was acting managing director for the Bank in 2019.

“Mr. W. Mpinganjira has worked in top management positions with FDH Bank Plc and the FDH Financial Holdings Group [and] he has vast skills in credit analysis, risk management, strategy development and implementation.

“Mr. W. Mpinganjira holds a Bachelor’s Degree in Finance and Accounting obtained from the London South Bank University, United Kingdom and a Master of International Business Degree from Grenoble Graduate School of Business in France.

“He is also a holder of a Master of Banking and Finance Degree from Bangor Business School, Wales.”

William is a Fellow of the Association of Certified Chartered Accountants, a member of the Institute of Chartered Accountants in Malawi (ICAM) and a Chartered Banker with the Chartered Banker Institute.

He has also completed an Executive Development Programme (EDP) at the University of Stellenbosch Graduate Business School in South Africa and is an alumnus of the prestigious Harvard Business School and London Business School having completed leadership programs.

Following William’s appointment, the Board says the Reserve Bank of Malawi approved its appointment of George Chitera as the deputy managing director of the Bank.

Until his appointment Chitera was the group chief financial officer and acting chief executive officer.

He joined FDH Financial Holdings in 2007 and has over 15 years extensive professional experience in corporate finance, financial planning and analysis, strategic planning, banking, risk management, capital allocation, debt structuring, treasury and tax planning.

He is said to be  a key member of the Group’s management structure and before joining FDH, he worked with Reserve Bank of Malawi for 3 years and has served on the boards of Lilongwe Shopping Mall and Women’s Legal Resource Centre.

“Currently, he serves on the Boards of First Discount House Limited, FDH Money Bureau Limited and MSB Properties Limited,” says the Board of Chitera, who is a Fellow of the Association of Chartered Certified Accountants (FCCA), a member of the Institute of Charted Accountants in Malawi (ICAM) and holds a Master of Business Administration Degree from the Polytechnic.