Mr Waweru — who served as the Kenya Revenue Authority’s commissioner- general from 2003 to 2012 — is a founder member of investment firm TransCentury, EA Cables’ parent firm.
Zephaniah Mbugua, another TransCentury founder, stepped down as EA Cables’ chairman at the company’s annual general meeting on June 22.
EA Cables has two factories, one in Kenya and another in Tanzania.
Former taxman Michael Waweru has been appointed as chairman of the East African Cables #ticker:CABL board, replacing Zephaniah Mbugua who stepped down last month after 13 years in charge.
Mr Waweru, who served as the Kenya Revenue Authority Commissioner General from 2003 to 2012, is a founder member of investment firm TransCentury #ticker:TCL, EA Cables’ parent firm.
Zephaniah Mbugua, another TransCentury founder, stepped down as EA Cables’ chairman at the company’s annual general meeting on June 22 leaving a vacuum that Mr Waweru has now filled.
“The board of East African Cables is pleased to announce the appointment of Mr Waweru as the chairman to the board of directors,” EA Cables said in a statement to investors on Tuesday.
“Mr Waweru has been a director of EA Cables board since August 6, 2012 where he has chaired the audit board committee. The board takes this opportunity to congratulate Mr Waweru on his appointment,” it added.
The former KRA boss takes over the board of one of TransCentury’s major assets at a time when the company has come under intense pressure from cheap imports from India and China, as well as smuggled and often substandard cables.
"The chairman and board of TransCentury Group takes this opportunity to congratulate Mr Waweru on his appointment, and are glad to have him lead the board and bring his depth of knowledge and competence to the organisation" TransCentury's chairman, Mr Shaka Kariuki, said.
EA Cables has two factories, one in Kenya and another in Tanzania.
Last year, the company said that its Nairobi facility was operating below capacity partly due to competition from cheap imports.
The company manufactures copper cables and conductors for the energy sector
EA Cables cut its losses by 21.4 per cent in the year ended December thanks to improved margins.
The company reported a net loss of Sh582.6 million in the period under review, compared to Sh741.2 million a year earlier.
Revenues fell by a marginal two per cent to Sh3.7 billion in what it attributed to falling metal prices in London, with gross profit rising to Sh804.3 million from Sh614 million on the back of lower costs.
