The Development Bank of Ethiopia (DBE) has overhauled its top leadership after a prolonged internal dispute between its board and executive management disrupted decision-making at the state-owned policy bank.
Essayas Kassa (PhD) has been appointed president of DBE, while Brook Taye (PhD), chief executive of Ethiopian Investment Holdings (EIH), has been named chair of the bank’s board.
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Dr. Brook said the leadership changes were part of a broader reform agenda aimed at restoring institutional effectiveness and realigning the bank with national development priorities.
The changes, effected on Friday, December 13, 2025, saw the removal of Teklewold Atnafu, former board chair, and Emebet Melese (PhD), president of DBE. The two were replaced after disagreements escalated over senior management appointments, including the selection of vice presidents, and the administration of competence examinations for top staff.
According to people familiar with the matter, the dispute had increasingly paralysed decision-making within DBE, which plays a central role in financing priority development projects.
Sources close to the bank said a final attempt to resolve the standoff was made about a week earlier, when Alemtsehay Paulos, state minister in the Prime Minister’s Office, and National Bank of Ethiopia Governor Eyob Tekalegn (PhD) convened talks between Teklewold and Emebet. The meeting, however, failed to bridge the differences.
The newly appointed president, Essayas Kassa, was among the founding executives of the Ethiopian Capital Market Authority (ECMA) when it was led by Brook Taye. He holds a doctorate from Walden University in the United States and previously served as minister of Cabinet Affairs at the Prime Minister’s Office between 2018 and 2019. Essayas has also held senior roles at the Information Network Security Agency (INSA), including director of strategic and cyber research and legal adviser.
The leadership reshuffle marks one of the most significant changes at DBE in recent years, as authorities seek to stabilise governance at the institution and reinforce its role in Ethiopia’s development agenda.
Source: Addis Fortune
