Bob Diamond steps down as head of Atlas Mara
The financier, who once ran Barclays, will be replaced by Wilkerson, chair of Fairfax Africa Holdings
Bob Diamond, the financier who once ran Barclays, is stepping down as executive chair of his African banking venture Atlas Mara as it reviews assets and seeks to exit some countries. He will be replaced by Michael Wilkerson, chair of Fairfax Africa Holdings, which owns 49% of the company, but will stay on as a non-executive director, Atlas Mara said on Wednesday. Diamond wants to “increase his focus” on other executive roles, including that as CEO of New York-based Atlas Merchant Capital, which has investments in Britain’s Panmure Gordon & Co, Greece’s Praxia Bank, France’s Kepler Cheuvreux, and US insurer Talcott Resolution Life. The 67-year-old took the post two years ago on a temporary basis as the company struggled to contain expenses that were engulfing income. In that time, he helped secure financing from Fairfax Africa and increased Atlas Mara’s stake in its Nigerian banking unit, a cornerstone of its African strategy, to 49% from 31%. Atlas Mara will seek to eliminate duplic...
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