Ethiopian Investment Holdings (EIH) has appointed Esayas Kassa (PhD) as president of the Development Bank of Ethiopia (DBE), replacing Emebet Melese (PhD), as the government presses ahead with a restructuring of senior leadership across key state-owned enterprises.

The move places a former capital markets regulator at the helm of the state-owned development lender, which plays a central role in financing Ethiopia’s industrial and infrastructure priorities. Esayas previously served as deputy director-general of the Ethiopian Capital Market Authority, where he worked on capital market development and financial sector reform.

The leadership change at DBE is part of a broader effort by EIH, the federal government’s sovereign wealth fund, to tighten oversight and improve governance across its portfolio. In recent months, EIH has overseen board and management overhauls at several government-owned companies, including the Ethiopian Construction Works Corporation, following reviews of governance and financial performance.

The transition also marks the exit of Teklewold Atnafu, chair of the DBE board. A former long-serving governor of the National Bank of Ethiopia, Atnafu has been a central figure in the country’s financial governance for decades.