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Zeph Mbugua exits TransCentury board

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Zephania Mbugua, one of TransCentury’s founders. FILE PHOTO | NMG

Zephaniah Mbugua, one of TransCentury’s #ticker:TCL founders, has stepped down as a director of the firm after 18 years, marking the latest board change at the company which last year sold a significant stake to a New York-based equity fund.

Mr Mbugua also stepped down as TransCentury’s chairman in April and the latest announcement means that he has now fully disengaged himself from the running of the business he helped create in 1997.

Kuramo Capital last year invested Sh2 billion in the NSE-listed firm in exchange for a 25 per cent stake and several board seats, including chairmanship which is now held by the Fund’s chief executive Shaka Kariuki.

“The board of directors of TransCentury Limited wishes to announce that the above named director (Mr Mbugua) has expressed his wish to retire from the board effective 30th June 2017,” the company said in a statement.

“The chairman and board of TransCentury acknowledge and appreciate the tremendous contribution made by Mr Mbugua spanning a period of 18 years, in addition to his visionary leadership.”

Just before and after Kuramo’s equity purchase, several original directors of the investment firm exited the company in what TransCentury described as ordinary changes.

READ: TransCentury gives new PE fund shareholder power to fire CEO

Founder members including former Kenya Revenue Authority boss Michael Waweru, businessman Robin Kimotho and Kenya Tea Development Agency chairman Peter Kanyago retired from the board mid last year.

Mr Mbugua last Friday also stepped down as chairman of the East African Cables #ticker:CABL, a TransCentury subsidiary.

In a recent interview with the Business Daily, Mr Kariuki denied reports that they kicked out some founder members but conceded that the ongoing shakeup is as a result of the new ownership structure.

“All organisations go through a transformation and restructuring and that’s just natural when trying to figure the best way to run a business. The founders are still actively involved in the business,” Mr Kariuki said in May.