Bidco Africa Group chief executive Thiagarajan Ramamurthy has retired from the firm two years after taking over at the helm of the company.
In a statement Tuesday, Bidco Africa executive chairman Vimal Shah said Mr Ramamurthy, also knowns as TRM has opted to leave the company after attaining the retirement age of 70.
“We announce his retirement from the board of directors of Bidco upon attaining the retirement age of 70.
“On behalf of the Bidco family and the board, I would like to thank Thiagarajan Ramamurthy (TRM) for his valued leadership and significant contribution in the last two years,” said Mr Shah Tuesday.
Ramamurthy is the former Nakumatt chief executive.
He took over as Bidco Africa Group CEO in April 2017, marking the first time that the Shahs that own the consumer goods manufacturer was ceding leadership to a non-family member.
Before his appointment at the firm, Vimal’s father and founder of the company, Bhimji Depar Shah, was serving as chairman of the company, with his sons Vimal as CEO and Tarun as a director.
When he took over at Bidco, Ramamurthy was credited with spearheading retail chain Nakumatt’s expansion and entry into regional markets in Uganda, Tanzania and Rwanda.
Nakumatt has however closed down a few branches since his departure due to mounting debt distress.