Kenya Power has appointed Kenneth Tarus as the substantive chief executive after acting for eight months.
The company’s chairman Kenneth Marende, said Dr Tarus beat a field of 70 applicants to emerge top in a final list of three.
Investors will be watching the new CEO to gauge his performance in terms of connections, revenue and profit growth.
The Kenya Power #ticker:KPLC has appointed Kenneth Tarus as the substantive chief executive after holding the post in an acting capacity for eight months.
The company’s chairman Kenneth Marende, said Dr Tarus beat a field of 70 applicants to emerge top in a final list of three.
Dr Tarus, 47, was previously the general manager in charge of finance at the Kenya Power and relocated to the company’s corner office in January following the exit of Ben Chumo who had hit the retirement age of 60.
“He was ranked the best on merit. We carried out a very elaborate process,” Mr Marende told Business Daily.
The incoming CEO got a three-year term backdated to August 1. The utility, listed on the Nairobi bourse, is ranked Kenya’s biggest employer among parastatals with a workforce of 11,133.
Dr Tarus now has to face head-on the challenges facing the firm, including mounting receivables, power losses and illegal electricity connections.
Investors will be watching the new CEO to gauge his performance in terms of connections, revenue and profit growth.
Dr Chumo’s tenure saw electricity connections double to 4.87 million households and industries as at June 2016, from 2.3 million customers in June 2013 when he took office.
Net profit stood at Sh7.5 billion for the full year to June 2016 from Sh3.4 billion in June 2013, an annual compounded growth rate of 30.2 per cent.
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