Sasini taps insurance man Stephen Githiga as new MD
Sasini managing director Stephen Githiga. PHOTO | FILE
What you need to know:
Mr Githiga took office on January 1, stepping into the shoes of Mr Moses Changwony who retired at the end of December.
Mr Changwony, is a former political aspirant who vied for Elgeyo-Marakwet governorship in 2013.
Listed agricultural firm Sasini has turned to the insurance sector for new leadership with the appointment of Stephen Githiga as its new managing director.
In a statement yesterday, the company said that it had appointed Mr Githiga as MD effective January 1.
Mr Githiga, who was until his appointment the MD of First Assurance Company, said in an interview his key priority will be to diversify Sasini’s range of products.
Although most of Sasini’s revenues come from tea and coffee, the company is moving into macadamia with a Sh400 million factory set to open in 2018. The Nairobi Securities Exchange (NSE)-listed company is trying to recruit more farmers to intercrop coffee with macadamia.
“We want to improve the value proposition so that we can engage farmers in new projects as we diversify our agricultural products,” said Mr Githiga.
He added that Sasini was also carrying out research on new plants that could be intercropped in a similar manner. Mr Githiga also said that he would steer the company towards more direct marketing of its value-added products.
One-off gain
He will also be tasked with steering the company back to profitability. In December Sasini issued a profit warning for the year ended September 2016. The drop in profit was attributed to the effect of a one-off gain on a land sale that had massively boosted the company’s earnings in 2015.
Mr Githiga has an extensive background in insurance having served as managing director of First Assurance from 2003 to 2016.
However, he also has agricultural experience as he currently serves on the board of a tea factory in Murang’a.
Mr Changwony held the post of Sasini MD since 2014. According to the statement, Mr Changwony is going into retirement.
However, past news reports by the Daily Nation indicate that Mr Changwony has expressed interest in the Elgeyo-Marakwet governorship. This is a post that he’d unsuccessfully vied for in 2013, prior to joining Sasini.
An unverified Facebook page bearing Mr Changwony’s name and pictures has campaign material indicating that he plans to run for the governorship in the August elections under the Jubilee party ticket.
The race in Elgeyo-Marakwet is likely to be contentious. Besides Mr Changwony, two other politicians have expressed interest in running for the governorship under the Jubilee ticket, including the incumbent Alex Tolgos.
