Industry

New CEOs to drive NSE firms in 2022

ceo

Britam Holdings Plc group managing director Tavaziva Madzinga. PHOTO | DIANA NGILA | NMG

Summary

  • The companies that made substantive or temporary CEO appointments include Britam Holdings, East African Portland cement and BOC Kenya.
  • East Africa Portland Cement in February 2021 fired its acting managing director Stephen Nthei and replaced him with Daniel Kiprono.

Seven chief executives joined corner offices at Nairobi Securities Exchange #ticker:NSE -listed firms in 2021, filling vacancies that were created by various circumstances.

The companies that made substantive or temporary CEO appointments include Britam Holdings #ticker:BRIT , East African Portland cement #ticker:PORT and BOC Kenya #ticker:BOC .

Others were Kenya Power #ticker:KPLC, Nairobi Business Venture #ticker:NBV, ScanGroup #ticker:SCAN and Unga Group #ticker:UNGA.

Insurance Group Britam Holdings in January 2021 appointed Tavaziva Madzinga, a strategy expert, as its CEO to replace long-serving Benson Wairegi, who retired at the end of the same month after 40 years of service.

The appointment of Mr Madzinga, an actuarial scientist who previously served as chief executive of Old Mutual’s operation in Kenya, took effect on February 1, 2021. Britam however in November 2021 announced the exit of Mr Madzinga, who is now heading to South Africa’s insurance company Sanlam Limited, after just 10 months.

East Africa Portland Cement in February 2021 fired its acting managing director Stephen Nthei and replaced him with Mr  Oliver Mwandigha Kirubai.

BOC Kenya managing director Marion Gathoga–Mwangi will exit the medical and industrial gas manufacturer in December to take up an executive role in the parent firm’s subsidiary in South Africa.

Ms Mwangi will join gas and welding products maker African Oxygen Limited (Afrox) as director, Healthcare Business.

She was expected to leave BOC on December 31, 2021.

Arthur Kamau, finance director, will assume the role of managing director on an acting basis, BOC said in early December.

Kenya Power appointed Rosemary Oduor in August 2021 following the sudden resignation of Benard Ngugi barely two years into his appointment.

Before her appointment, Ms Oduor, who has worked with Kenya Power since 1991, was the general manager in charge of commercial services and sales.

Nairobi Business Venture, in July 2021, named 58-year-old Haresh Soni as its new CEO. He replaced Raj Srungarapu.

WPP Scangroup’s chief operating officer Alec Graham took over as the acting CEO at the firm in February after the suspension of founder and long-serving CEO Bharat Thakrar.

Mr Thakrar, 69, was suspended alongside the chief finance officer Satyabrata Das in February 2021 from the marketing services firm over unspecified allegations of gross misconduct.

An inquiry commissioned by the firm against him and ex-chief financial officer Satyabrata Das in September found no incriminating evidence against them.

Unga Group, in September 2021, appointed the CEO of Peptang maker Premier Foods Joseph Malel Choge to take over from Nicholas Hutchinson who is set to leave this month.

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