TransCentury #ticker:TCL has appointed the Standard Chartered Bank Kenya #ticker:SCBK chairperson to its board as part of an ongoing reshuffle arising from a New York-based private equity fund’s purchase of a significant stake in the investment firm.
The NSE-listed company has appointed Anne Wanjiku Mutahi as a non-executive director, marking the first appointment of a female board member since Carol Musyoka resigned in November 2015.
Ms Mutahi, who is also the executive director of SME consultancy firm Biashara Factors Limited, has been the StanChart chairperson since May 2013, making her one of few women to hold multiple board positions at NSE-listed firms.
“We are delighted to have Anne join the board; her vast experience in the financial sector will further the skill sets and diversity agenda of the TransCentury board,” Mr Shaka Kariuki, the firm’s chairman, said in a statement.
Ms Mutahi, the wife of Nyeri Senator Mutahi Kagwe and daughter of late Environment minister John Michuki, is also a non-executive director at Old Mutual Life Assurance Company.
Her professional career has seen her work in several top financial institutions including Citibank, ABN AMRO Bank as well as a microfinance institution called Jitegemee Trust Limited.
TransCentury has since selling a 25 per cent stake to Kuramo Capital last year executed a board shakeup that has seen several founder members exit the company.
The latest change happened last Friday with Mr Zeph Mbugua resigning as a director of the firm, two-and-a-half months after he was replaced as chairman by Kuramo CEO Kariuki.
TransCentury’s board now comprises of five male directors with Ms Mutahi as the only female member. They include Mr Kariuki, Nganga Njiinu, the CEO, and Wale Adeosun, Kuramo’s chief investment officer and directors Njogu Kariithi and Kamal Pallan.
TransCentury, like many publicly-listed firms, been lagging behind in terms of gender diversity on its board, and the appointment of a female director is seen as an effort to correct this imbalance.