FSD Ethiopia CEO Ermias Eshetu to Step Down

ADDIS ABABA – Ermias Eshetu is stepping down as Chief Executive Officer of Financial Sector Deepening (FSD) Ethiopia after two years at the agency and FSD Africa.

On Thursday, FSD Ethiopia said Ermias informed its Board of his decision to resign as CEO “to pursue other interests”.

The Board plans to initiate the process of finding a new CEO “in the coming weeks,” according to FSD Ethiopia.

Funded by UK aid and the Gates Foundation, FSD Ethiopia was launched last year as a non-government development agency working to build and strengthen financial markets in the country.

The agency’s executives say Ermias laid the foundation and has been able “to foster an excellent and collaborative working relationship” between FSD Ethiopia and a wide range of stakeholders across the financial sector.

Its Chair Admassu Tadesse has extended the Board of FSD Ethiopia’s appreciation of Ermias “for his energy and dedication in bringing FSD Ethiopia into existence”.

“In doing so, he has contributed in an outstanding way to the development of financial markets in Ethiopia, positioning FSD Ethiopia as a trusted facilitator of change whose impact will be felt long into the future. We wish him well in his new endeavors,” Admassu said.

Eshetu has held various posts together with several Board Directorships including the American Chamber in Ethiopia (AmCham), the Accounting Auditing Board of Ethiopia (AABE), and Zemen Bank’s Share Company.

Prior to that, Ermias held the position of CEO at the Ethiopia Commodity Exchange (ECX) for three years until the end of 2017. He was also part of an establishment who founded Zemen Bank serving as a Vice President.

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