Ethio Lease appoints Degol Gossaye as CEO

The Board of Directors of Ethio Lease Ethiopian Capital Goods Finance SC announced that it has appointed Degol Gossaye as CEO of Ethio Lease as of January 27th 2022.

Degol will succeed Fregenet Getachew Desta whose maximum allowable term ended on that date, as per the
applicable regulations from the national Bank of Ethiopia (NBE), according to the press statement the company shared to the media.

“Degol joined Ethio Lease as Vice President of Business Development and Marketing on August 15th, 2019 and has played an instrumental role in building the portfolio of Ethio Lease. Fregenet, who successfully guided Ethio Lease through a particularly challenging time, will be appointed to the Board of Ethio Lease, and will continue to assist Ethio Lease’s management as a senior advisor to the CEO.”

“After working with Degol for over 2 years in Ethio Lease where I witnessed his capacity for successfully and professionally developing the commercial wing and with his extensive experience, I am confident that this new appointment will strengthen our management team further and ensure Ethio Lease seals its position in playing an important role in the equipment leasing sector and Ethiopia’s economic reform,” said Girma Wake, Chairman of Ethio Lease’s Board of Directors.

Degol has over 16 years’ experience working in the banking and the commercial sector. Prior to joining
Ethio Lease, Degol was the General Manager of Sun Optical Technologies (Essilor), where he successfully
designed and implemented the franchise retail model enabling the company to open many stores across
Addis Ababa and numerous regional cities.

“I am honored to have been appointed as Ethio lease’s next CEO. After working at Ethio Lease for over 2
years and having seen the need and potential of lease financing across many sectors in Ethiopia, I am
excited to lead the team and take Ethio Lease to another level and witness the impact our offering will
have on many businesses across the country”, said Degol.

Previously, Degol served in the banking sector as branch manager, credit portfolio manager, credit analysis and appraisal manager where he developed an extensive and effective credit portfolio mix, implemented interest free banking, the adoption of SME financing schemes, and developed and implemented an effective credit workout policy. Degol earned his Bachelor of Art degree in Economics from Addis Ababa University and his Master of Business Leadership (MBL) in Business and Leadership degree from the
University of South Africa.

“Degol’s appointment comes at an important juncture. His sound knowledge and experience of the
finance sector as well as the commercial sector is an excellent mix for leading an equipment leasing
company.” said Frans VanSchaik, CEO and Chairman of AAFC, the parent company of Ethio Lease, who
thanked Fregenet saying: “we have the utmost respect for Fregenet’s leadership in her role as CEO and
are grateful for her continued commitment to the company.

In August 2019, AAFC’s wholly owned subsidiary Ethio Lease became the first foreign-owned company in
Ethiopia to receive a financial services license from the National Bank of Ethiopia.