General News of Wednesday, 31 October 2018
Groupe Nduom (GN), a multinational conglomerate with over 60 companies, is consolidating its operations to ensure continuity.
“My concern, since the establishment of Groupe Nduom, has been its continuity and survival, hence, we have put into place a succession plan. The Implementation is underway,” the President and Chairman of Groupe Nduom, Dr Papa Kwesi Nduom disclosed.
But, he was firm in stating that he is still in charge and remains the President and Chairman of Groupe Nduom. Therefore, no one should fear that he will not be around.
He said, “I have given my seat on the boards of individual companies to others recently. But, I remain in in charge of Groupe Nduom. I will be there to guide, support, teach and ensure all goes well for our stakeholders”. Those speculating about my “resignation” should stop it, he added.
Dr. Nduom revealed that he has prepared managers and also gotten independent directors to help steer the affairs of his companies. Recounting how some indigenous Ghanaian businesses which were operating in the 60s, 70s, 80s and are no more, the celebrated Ghanaian entrepreneur noted that the best way for his outfit to still remain relevant in business after his retirement was to have a succession plan in place, “and that is what Groupe Nduom is currently doing.”
Dr Nduom made these observations in an interview with Today in Accra.
The business mogul, who believes that it is time for the young ones he has groomed over the years to takeover from him soon, recalled that at the company’s annual strategic planning meeting in January this year, he told management of Groupe Nduom that he would retire from day to day I nvolvement in the business on 31 December 2018.
He indicated that, “our companies have been reorganised into holding companies, a task that is still ongoing.”
That, Dr Nduom averred, will ensure financial and operational independence, and an improved governance arrangement.
“It is to ensure that Groupe Nduom in Ghana lives on beyond the tenure of the founders,” he added.
According to him, he and his wife, Mrs Yvonne Nduom, as founders of Groupe Nduom, have since the inception of their companies had boards of directors and governance policies in addition to insisting on annual audits to ensure accountability.
He noted that, for the most part, this had paid off.
“It is the governance practice coupled with world-class human resource management that has put us where we are,” Dr Nduom said.
He further noted that it soon, it will be the right time for them to leave the front lines and have successors in place “while we are still young enough to monitor performance.”
According to him, after about 30 years of building businesses and encouraging entrepreneurial behaviour among “our management and staff, we set the stage about five years ago to prepare our companies to become independent enterprises capable of returning the capital applied with good dividends.”
In view of this, he said, Mrs Nduom was no more Executive Chairperson of Coconut Grove Hotels; while he (Dr Nduom) had given the positions of Chairperson of the Industrial, Media and Investments Holding companies to independent Directors.
However, he said, he will preside over GN Bank to ensure it is strengthened and becomes the best bank in Ghana. His role within Groupe Nduom going forward will be the listing of GN companies on the Ghana Stock Exchange (GSE), ensure excellent investor relations to promote GN brands and make sure investor funds are safe, train and educate management, and ensure improvements in governance.
Groupe Nduom is a multinational comoany that operates its diverse portfolio of business across three continents with a purpose to serve customers with enthusiasm, innovation, and discipline.