Jadiah Mwarania has held that his feud with the board chairman cost him his job.
The assertions are contained in a further affidavit filed in response to claims made by board chairman David Kemei who told the court that the sacked managing director lost his job for non-performance.
Mr Mwarania has obtained orders restraining the board from filling the managing director position.
Sacked Kenya Re #ticker:KNRE managing director Jadiah Mwarania has held that his feud with the board chairman cost him his job and says the firm’s performance is healthy contrary to the latter’s claims.
The assertions are contained in a further affidavit filed in response to claims made by board chairman David Kemei who told the court that the sacked managing director lost his job for non-performance.
Mr Mwarania has obtained orders restraining the board from filling the managing director position.
The ousted CEO says for the 27 years he worked for the firm, he received his first warning memo in June 2017, shortly after he complied with orders from Chief-of-Staff and Public Service head Joseph Kinyua to start the process of replacing Mr Kemei and other two directors.
Mr Kinyua in a confidential letter dated June 8, 2017, directed Mr Mwarania to process Mr Michael Monari, Hilda Muchunku and Julius Koros for a board members election that was to be held during Kenya Re’s annual general meeting. They were to replace Mr Kemei, Mr Mukoma and Shakaba.
But Mr Kemei denied knowledge of Mr Kinyua’s directive holding that the firm’s performance in the past three years had deteriorated, forcing the board to intervene.
“I also reiterate that the aforesaid directive by the Chief-of-Staff and head of Public Service and my response thereto is the genesis of all sustained attacks on me by the chairman by himself or through other board members. All the alleged concerns and or issues directed at me were raised on or after June 15, 2017, the date of my compliance,” says Mr Mwarania.
He says this will negatively affect the business since it will be difficult to attract international business that contributes 40 per cent of the firm’s reinsurance premiums.
He is also asking the court to expunge part of the statement by Mr Kemei, which claimed that the sacked MD asked third parties to intervene on his behalf.
Mr Mwarania claims the unsubstantiated claims were meant to tarnish his names since no evidence has been produced, holding that he did not ask anyone to intervene for him.
He says Kenya Re grew in all the core areas of business during his tenure ranging from premiums, investments income and profitability and says what Mr Kemei has alleged in court documents is his opinion and speculation with no evidence presented.
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