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Corporate

Uchumi sacks Ciano, CFO for ‘gross misconduct, negligence’

The board of Uchumi Supermarkets Ltd has sacked Jonathan Ciano as the chief executive for gross misconduct and gross negligence, a month before his term was set to expire.

The board says it made the decision to let go of Mr Ciano and chief finance officer Chadwick Omondi Okumu due to financial troubles that the retail chain is facing.

Human resources manager Michael Kibe has been suspended.

Mr Owino Ayodo, the General Manager of Operations, has been appointed acting chief executive while the board goes ahead and recruits a new head and CFO.

The board says it has kicked off a forensic audit to establish the extent of its cash-flow problem even as it prepares to sell more than Sh2 billion worth of non-core assets and use the funds to pay suppliers.

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