Former taxman Michael Waweru has quit the board of troubled infrastructure firm TransCentury barely six months into his tenure, in a shakeup that will also see two other long-serving directors exit the company.
Mr Waweru — who served as commissioner- general at the Kenya Revenue Authority for nearly a decade — joined TransCentury on December 1, 2015 alongside Toyota Kenya chairman Dennis Awori.
Mr Awori is defending his seat in an upcoming annual general meeting of the company, and together with chairman Zeph Mbugua will be the only directors seeking to defend their seats out of the five-member board.
Businessman Robin Kimotho and Kenya Tea Development Agency chairman Peter Kanyago are also set to retire at the firm’s forthcoming shareholders’ AGM slated for June 30.
Messrs Waweru, Kimotho and Kanyago are all founder members of TransCentury and hold sizeable stakes in the loss-making infrastructure-focused company.
TransCentury said in a notice Wednesday the trio had opted to “retire in accordance with the company’s articles of association and do not offer themselves for re-election.”
However, the distressed firm did not disclose in detail the reasons behind the mass exit of the directors.
Newly-gazetted governance code by the Capital Markets Authority requires detailed disclosure of the circumstances of any exit by board members.
“The CMA shall be notified immediately the resignation takes place and such notification shall include detailed circumstances necessitating the resignation,” reads the Code of Corporate Governance.
The boardroom exits at TransCentury come after chief executive Gachao Kiuna resigned from the company in mid-January together with Joseph Karago, also a founding member of the group.
TransCentury hired Ng’ang’a Njiinu, previously the firm’s head of corporate finance, as the acting chief executive.
Carol Musyoka, who joined the TransCentury board in March 2011 ahead of its listing on the Nairobi bourse last July, also quit her position in November last year.