Within a month, 15 top executives at DFCU Bank quit, leaving a leadership void that has sent shockwaves across the organization.
The abrupt departure raises worries about the bank's stability and future direction under the leadership of Charles M. Mudiwa, who was appointed Managing Director and Chief Executive Officer just seven months ago.
According to unnamed sources, Mr. Mudiwa, a Zimbabwean native, is trying to maintain his job despite a major flight of his subordinates.
Mudiwa took over from his predecessor, Mathias Katamba, who left at the end of the previous year after struggling to shepherd the bank through the aftermath of purchasing Crane Bank. Since 2017, DFCU has been embroiled in legal fights, losing important cases and paying large expenditures and damages.
The purchase of Crane Bank continues to hover over Mudiwa, as the bank recently suffered losses in two critical legal battles—the London Court lawsuit and a High Court verdict forcing DFCU to remove Meera Investment properties, backed by a hefty Shs2.4 billion trespass charge.
Internal strife, strategic differences, and prospective reorganization plans have all been mentioned as contributory causes to the abrupt exit of top leaders.
Joan Ntabadde (Head of Customer Service), Miranda Bageine (Head of Personal Banking), Ronald Kasasa (Head of Business Banking), and Godfrey Mundua (Head of Corporate Banking) are among the major departures.
The refusal of DFCU executives to comment on the subject has raised worries, and the management has become a symbol of unresolved questions.