Chairman of Transcorp, Mr. Tony Elumelu
The board of directors of Transnational Corporation of Nigeria Plc (Transcorp) has appointed Mr. Emmanuel Nnorom as President/CEO of the company.
Nnorom, who will formally take over the running of the highest capitalised company in the conglomerates subsector of the NSE on September 1, will succeed Mr. Obinna Ufudo, who has been leading the company since 2011.
Transcorp said in a statement on Wednesday that the appointment represented a further important milestone in its transformation as it moves from stabilisation.
The Chairman of Transcorp, Mr. Tony Elumelu, thanked Ufudo for delivering on the company’s objectives under phase one of the turnaround programme.
He said the with the implementation of phase two of the company’s strategic intent, they expect accelerated growth in all spheres of business with a clear objective of $1billion in profit by 2018.
According to him, his three years as CEO of the Transcorp Group, Ufudo laid a strong foundation of good governance, achieved significant financial
returns for the company and played a key role in transforming an ailing enterprise into an emerging investment powerhouse, with a market
capitalisation of over $1.2 billion.
“He will be handing over a transformed business to Nnorom. With the implementation of phase two of our strategic intent, we expect accelerated growth in all spheres of our business, with a clear objective of $1 billion in profits by 2018,” Elumelu said.
According to the company, Nnorom’s key role will be to lead the acceleration and deepening of the company’s investments in its four strategic business sectors of hospitality, power, agriculture and oil & gas and to build on Ufudo’s achievements in repositioning Transcorp for growth.
Nnorom is currently chief operating officer of Heirs Holdings and served as a non-executive director of Transcorp earlier this year.
Previously, he was an Executive Director of United Bank for Africa Plc (UBA), occupying a number of senior roles leading the group’s African subsidiaries. He is an alumnus of Templeton College, Oxford University and a Fellow of both the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Bankers of Nigeria (CIBN).