Struggling retailer Uchumi Supermarkets #ticker:UCHM has appointed two non-executive directors to its board, as the firm’s efforts to find new investors continue.
It has picked Baiju Shah and Fred Rabongo as non-executive directors starting February 26. The appointments come barely five months after Uchumi named John Karani as the acting chair of the Board after Catherine Ngahu who chose not to renew her three-year contract retired.
Mr Karani said on Wednesday the board was looking to tap into the new directors’ experiences to grow the retailer.
Uchumi, which owes suppliers over Sh3.6 billion, has been banking on the sale of land and a franchising model to turn around.
“The Board of Directors takes this opportunity to welcome the new directors and is looking forward to drawing from their respective experiences and expertise in steering Uchumi forward,” said Mr Karani.