ARM is keeping with the trend in corporate Kenya of appointing serving and former CEOs to the board to help develop strategy.
Ms Kilonzo’s appointment comes as ARM is looking for deals in new markets across Africa to fuel its growth.
Former capital market’s regulator CEO Stella Kilonzo has become the first woman to be appointed a director at ARM Cement.
The cement maker Wednesday notified the Nairobi Securities Exchange (NSE) of Ms Kilonzo’s appointment, making it her first public appointment since stepping down as CEO of the Capital Markets Authority on June 30.
“Stella Kilonzo brings a wealth of experience to the ARM board in areas of finance, corporate governance, economic and social policy advocacy, and institutional capacity building,” ARM said in a statement signed by its CEO Pradeep Paunrana. “Stella will bring fresh perspective and diversity as the company’s first female board member.”
ARM is keeping with the trend in corporate Kenya of appointing serving and former CEOs to the board to help develop strategy. Besides Ms Kilonzo, former CEOs in the board include Daniel Ndonye (Deloitte) and Rick Ashley (Old Mutual Asset Managers).
Serving executives include Michael Tunner (Actis), Andrew Alli (Africa Finance Corporation), and Wilfred Murungi (Mastermind Tobacco).
Ms Kilonzo’s appointment comes as ARM is looking for deals in new markets across Africa to fuel its growth.
The cement maker is seeking to spread its reach across the continent and will be keen to close joint venture and acquisition deals, especially in West Africa where it lacks a presence, deputy managing director Surendra Bhatia said in an earlier interview.
This has seen it offer a board seat to Nigeria-based Africa Finance Corporation —which lent it $50 million—to help it enter new markets in the West African region.
ARM has appointed Alli, the chief executive officer of AFC, to its board and analysts said that the financier is keen on developing strategy for the cement manufacturer ahead of its acquiring a stake.
The firm’s net profit stood Sh826 million in the nine months to September compared to Sh192 million in the same period last year.
This was helped by a foreign exchange gain of Sh42 million compared to a loss of Sh681 million last year on its dollar dominated borrowing.
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