Companies

TransCentury picks Wanjuki Muchemi for directorship amid management purge

Mr Wanjuki Muchemi, executive chairman of technology firm Seven Seas. PHOTO | FILE | NMG
Mr Wanjuki Muchemi, executive chairman of technology firm Seven Seas. PHOTO | FILE | NMG  

Former solicitor-general Wanjuki Muchemi has joined the board of TransCentury #ticker:TCL, marking the latest appointment at the investment firm which is undergoing a major management shakeup.

Mr Muchemi, who served as the solicitor-general for a decade beginning 2003, has been appointed as a non-executive director of TransCentury “with immediate effect.”

The senior legal practitioner is the current executive chairman of technology firm Seven Seas.

“The chairman and board of TransCentury welcomes Mr Muchemi and is delighted to have him join the board,” the investment firm said in a notice to investors Friday.

“His vast experience in the legal sector will further the skillsets and diversity agenda of the TransCentury board.”

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 the chairmanship which is now held by the Fund’s chief executive Shaka Kariuki.

Management purge

Several founder members of the company have since exited the company.

Former Kenya Revenue Authority (KRA) boss Michael Waweru, businessman Robin Kimotho and Kenya Tea Development Agency chairman Peter Kanyago have all left the investment firm.

The latest change happened a month ago when Anne Mutahi, the Standard Chartered #ticker:SCBK chairlady, was appointed to the board, the first appointment of a female board member at the firm since Carol Musyoka resigned two years ago.

Mr Zeph Mbugua, another co-founder of the company and its long serving chairman, resigned from the firm late June.

TransCentury’s board now comprises of six male directors with Ms Mutahi as the only female member.

They include Mr Kariuki, Mr Muchemi, Nganga Njiinu, the CEO, and Wale Adeosun, Kuramo’s chief investment officer and directors Njogu Kariithi and Kamal Pallan.