ESX Names Yodit Kassa CEO as Founding Chief Tilahun Esmael Steps Down

The Ethiopian Securities Exchange (ESX) has appointed Yodit Kassa as its new Chief Executive Officer, replacing founding CEO Dr. Tilahun Esmael Kassahun as the exchange enters its next phase of development.

ESX announced the leadership transition on August 7, 2026, saying Tilahun is stepping down after leading the institution from its establishment through the development of Ethiopia’s first organized securities exchange. The Board of Directors appointed Kassa, who has held senior roles at ESX since its early development.

Tilahun joined the ESX project office during the exchange’s formative stage and was appointed its founding CEO after the institution was incorporated as a share company in October 2023. His tenure covered the establishment of the exchange’s institutional, technological and operational foundations and the launch of its market activities.

Under his leadership, ESX moved from project development to an operating securities exchange. The exchange launched its pilot money-market platform in October 2024 and began securities trading operations in January 2025. Its first equity listing was Wegagen Bank, followed by additional listings as the market expanded.

The exchange has since reached several milestones in 2026. Awash Bank became the largest private bank to list on the exchange in April, and Ethio Telecom joined the ESX Main Market in May after a public offering that attracted more than 47,000 investors.

Yodit Kassa takes over from within ESX

Kassa’s appointment represents an internal transition. She has been part of ESX’s development since its early years and has held positions focused on business development, market development and operations.

Before becoming CEO, Kassa served as Chief Operating Officer. Earlier in her ESX career, she served as Chief Business Officer, with responsibilities spanning business development and issuer engagement, including work related to listings and market development. External capital-market initiatives have also featured her in discussions on expanding participation in Ethiopia’s securities market.

Her appointment comes as ESX shifts its focus from establishing the exchange’s basic infrastructure toward expanding the number and diversity of issuers and investors participating in the market.

According to the exchange, the next phase will include expanding the issuer base, increasing market participation, introducing new products and market segments, strengthening market infrastructure and broadening investment opportunities.

From building the exchange to deepening the market

The transition comes at a significant point for Ethiopia’s capital-market development. The exchange has moved beyond its initial institutional-building phase, but secondary-market activity and broader investor participation remain important challenges as the market develops.

ESX’s first listing, Wegagen Bank, was followed by further equity listings, including Gadaa Bank, Awash Bank and Ethio Telecom. The exchange has also continued developing money-market and fixed-income infrastructure alongside its equity market.

The leadership change therefore comes as ESX attempts to move from launching a new market to deepening its use, bringing more companies to the exchange, increasing investor participation and developing products that can support secondary-market trading.

Tilahun’s departure closes the founding phase of the exchange, while Kassa’s appointment places an executive with longstanding involvement in ESX’s business and market-development work at the helm for its next stage.