Equity Group Holdings CEO Dr. James Mwangi has clarified that he is not an employee at Equity Bank.
James Mwangi clarified this during a Q&A session at the 2024 Q3 Investor briefing and Financial results session on November 12, 2024.
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During the Q&A session, Mwangi was keen to explain to his esteemed audience his role at Equity Holdings to ensure its success.
Additionally, during the Q3 Investor briefing, Equity announced an interest cut that will take effect in the next seven days.
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According to Equity, their revision of interest rates was in line with the Central Bank of Kenya’s directive to lower interest rates.
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I am not an employee of equity: James Mwangi
According to Ochieng Oloo, CEO Founder of Think Business, Dr. James Mwangi was the last old guard at Equity.
Mr. Oloo inquired if the retirement factor had been something floated to the Equity Group CEO seeing most of the old faces had stepped away.
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Oloo also inquired about the strength of profit of the insurance business division, primarily if it was based on business penetration or eating into other businesses.
“I am not an employee of Equity, I am a representative of the shareholders who told me ‘Here is the money go and invest.’” stated Mwangi.
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I am an investor, not a manager
“Does a shareholder retire from investing? That is my job. I hold a pot of money, Ksh 270 Billion from shareholders, mine is to scan the environment and see where can we invest.” Mwangi explained.
Mwangi further explained his role in Equity Group highlighting that, none of the heads of division with him at the event looked over their shoulders for his approval.
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“Nobody retires from entrepreneurship, age does not retire you from investing, the more seasoned you become the better investor you become because of insights.” Mwangi shared.
Insightfully, Mwangi did point out that shareholders could always pick another investor other than him.
