Why is this important
Dismissal of a top manager with 28 years of experience after early termination of authority may indicate internal conflict, strategy change, or dissatisfaction with results. Garant bank (formerly Savdogarbank) is a private bank with a long history, and such personnel changes affect management and strategy.
What happened
Fazliddin Makhmudov
- Fazliddin Makhmudov has been dismissed from the position of First Deputy Chairman of the Board of Garant bank;
- The decision was made by the supervisory board on October 17;
- Authority terminated early;
- Makhmudov worked at the bank since 1997 – 28 years, back from the time of Savdogarbank.
- The phrase early termination of authority usually indicates dismissal at the initiative of the supervisory board or shareholders, rather than voluntary departure.
Context
The dismissal of the first deputy chairman after 28 years of service is a rare occurrence, indicating serious reasons. Possible options:
Strategy change: shareholders or the supervisory board decide to change the bank’s development course, and the old management team doesn’t fit into the new strategy.
Financial results: the bank may have encountered problems: increased overdue payments, decreased profits, and losses. Makhmudov, as the first deputy, could be responsible for the operational management.
Internal conflict: Disagreements between management and shareholders or within a team of top managers could lead to the premature termination of authority.
Regulatory issues: The Central Bank could identify violations in bank management, which led to personnel changes.
28 лет стажа — исключительная преданность банку. Махмудов работал еще при «Савдогарбанке» и видел все трансформации: приватизацию, кризисы, ребрендинг. Его уход завершает целую эпоху в истории банка.
Savdogarbank was one of the first private banks in Uzbekistan, established in 1991. In 2018, it was renamed Garant bank as part of a rebranding and modernization.
