According to a statement by the foundation, the appointment,
which takes effect from March 1, 2023, comes after the retirement of Ifeyinwa
Ugochukwu, the current CEO.
“Somachi, who joined the foundation in 2014, has served as
the foundation’s Head of Research, Head of Policy and External Relations, and most
recently as the Director of Partnerships and Communications,” it said.
It said in her new role as CEO, Somachi will leverage her
expertise, experience and network to provide strategic leadership in
consolidating and deepening the foundation’s work of transforming Africa
through entrepreneurship.
Speaking on the appointment, Tony Elumelu, founder of TEF,
said Somachi’s experience in partnership development will be particularly
relevant.
“Somachi, as Director of Partnerships & Communications,
has demonstrated strong leadership, commitment, and strategic thinking, in
delivering the Foundation’s mission to transform Africa. She is the perfect
candidate to build on Ifeyinwa Ugochukwu’s impactful contribution,” he said.
Elumelu added that on behalf of the board, he thanked
Ifeyinwa for her considerable achievements, significant sacrifice and
commitment to building and empowering the next generation of African business
leaders.
“As the tenure of Ifeyinwa draws to a close, I look back on
the last five years and pay tribute to the impact she has made, first as
Director of Partnerships, and later as the CEO.”
In response to her appointment, Ugochukwu said the
foundation has grown its partnership capability, opening its platform and
process to third parties, who share in our commitment to growing the African
entrepreneurial ecosystem, and transforming Africa by empowering entrepreneurs.
“As CEO, it has been my profound joy to lead the dynamic
team to empower the next generation of young people whose ideas are
transforming Africa,” she said.
Accepting her appointment, Chris-Asoluka said she was honoured
to be appointed to lead the foundation, particularly at a time when they will
be launching a new Coalition for African Entrepreneurship.
“This coalition will bring together global and African
partners to significantly increase the impact created by TEF’s unique platform
for identifying, mentoring, training and funding young African entrepreneurs,”
she said.
“I look forward to working with the team, our partners, and
all stakeholders to achieve our common goal of a strong, confident,
self-reliant Africa.”
Chris-Asoluka graduated Summa Cum Laude from Saint Mary’s
College of California with a BSc. in Economics and minor in Mathematics, and
received the “Adam Smith” award given to the highest performing graduating
student in Economics.
She also has a Master’s Degree in International and Development
Economics from Yale University. She is a Deputy Champion of the World Economic
Forum EDISON Alliance.
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