Board to name MS Onyonyi’s replacement “in due course,” with the MD due to vacate office at the end of April.
She has led the firm through increasingly lean times.
Ms Onyonyi, who is also the former Oil Libya retail coordinator, was appointed in April 2016.
BOC Gases #ticker:BOC managing director Millicent Onyonyi has resigned, two years after she took helm at the firm which has seen a downturn in sales due to competition from imports.
The NSE-listed firm said in a statement that it will name MS Onyonyi’s replacement “in due course,” with the MD due to vacate office at the end of April.
“The chairman and board of BOC Kenya announce the resignation of Mrs Millicent Onyonyi as managing director with effect from April 30, 2018...Mrs Onyonyi’s replacement will be announced in due course upon appointment by the board,” said BOC in a statement Thursday.
Ms Onyonyi, who is also the former Oil Libya retail coordinator, was appointed in April 2016, replacing Maria Msiska who had left the gas firm in January of that year after five-and-a-half years at the helm.
Tough times
She has led the firm through increasingly lean times, as its sales came under pressure due to competition from oxygen and nitrogen imports.
The firm issued a profit warning in November, saying that its net profit for the financial year ending December 2017 would come in at least 25 per cent lower than the earnings recorded in 2016.
BOC posted a net profit of Sh126 million in the year ending December 2016, meaning that the profit for the 2017 financial year will not surpass Sh94.5 million.
The earnings in 2016 had also represented a significant decline of 14.9 per cent from the Sh148 million recorded in 2015.
