Bidco Africa chief executive Thiagarajan Ramamurthy has exited the firm two years after he joined following a decade at the helm of struggling retailer Nakumatt.
Mr Ramamurthy, popularly known as TRM, declined to shed more light on his exit amid speculation that he had been pushed out.
He promised to make an announcement Tuesday.
Bidco’s executive chairman Vimal Shah, while announcing the changes, said in a statement that TRM had voluntary retired as the group CEO and from the board.
Mr Shah also said the firm was restructuring, pointing to looming changes at the fast-moving-consumer-goods manufacturer.
Bidco, however, while announcing TRM’s departure did not say who was taking over as acting CEO, saying it will communicate in “due course”.
“On behalf of the Bidco family and the board, I would like to thank Thiagarajan Ramamurthy (TRM) for his valued leadership and significant contributions in the last two years as we announce his retirement from the Board of Directors of Bidco upon attaining the retirement age of 70 and we also accept his voluntary retirement as the Group CEO of Bidco Africa Ltd,” said Mr Shah in the statement.
“Going forward, we will continue with the process of reforming our organisation designs and structures to be world-class in line with our strategy to transform Bidco Africa into a dynamic and responsive organisation made of fully empowered teams,” he said.
Before joining Bidco, Mr Ramamurthy was the public face of Nakumatt, representing the company in multiple media and conference appearances.
He was also an evangelist for the new face of Kenya’s burgeoning retail space at a time Nakumatt was on a rapid debt-fuelled expansion.
He left in April 2017 ahead of a management shake-up that was meant to enhance performance of the retailer.