End of Tande’s era as Portland kicks off search for CEO

Troubled East African Portland Cement Company has begun the hunt for a new chief executive officer in what marks the end of an era for Kephar Tande, whose second and final term lapses mid-November.

The loss-making cement maker has also renewed efforts to recruit a chief finance officer after failing to get a suitable candidate in 2014.

Bill Lay, former CMC Motors and current chairman of the EAPCC board of directors, will lead the recruitment, bucking an earlier trend where the firm engaged consulting firms for searches of executives.

“We want a CEO with significant industry experience and financial understanding; one who could manage a business restructuring and capital injection program; one who would bring operating discipline,” says the Athi River-based firm in a notice appearing in today’s dailies.

The Treasury owns 25 per cent of Portland Cement and has traditionally added up to NSSF’s 27 per cent stake to exercise control at Kenya’s second-largest cement firm.

LafargeHolcim owns 41.7 per cent of EAPCC, and also holds a controlling stake of 58.6 per cent at rival firm Bamburi Cement.

EAPCC’s succession plan was jolted by last month’s exit of chief operations officer Albert Sigei, a Lafarge executive who was poised to take over from Mr Tande.

Mr Tande began his second three-year term at the helm of EAPCC on November 16, 2013. His tenure has been a mixed bag of opportunities — with the company oscillating between losses and profits.

READ: Portland Cement COO resigns after revelation of Lafarge payments

EAPCC reported a net loss of Sh531 million for the half-year ended December 2015 compared to an after tax loss of Sh65.3 million a year earlier.

Mr Tande has also survived vicious boardroom wars between the government and Lafarge; as well as allegations of cooking books at a stormy shareholders meeting in December 2013.

Those eying EAPCC’s corner office need to hold an undergraduate degree in business management or engineering, backed by at least 15 years’ experience with five years in a senior executive post.

The distressed cement company first sought to recruit a CFO in 2014, but gave up on the search after none of the applicants met the threshold.

“We are looking for talented and innovative individuals who will not only protect and improve the financial integrity of the company but also play a stronger role in corporate portfolio management and capital structure management,” EAPCC said.

Applicants for the CFO post need to hold a bachelor’s degree in accounting or finance, an MBA and professional qualifications such as Certified Public Accountant (CPA) backed by at least 10 years of experience.