Managing director Samuel Waweru and chairman Steve Mainda have retired.
The managing director and chairman of mortgage financier HF Group’s banking subsidiary, HFC Limited, have retired from the firm amid losses.
The firm announced yesterday that HFC boss Samuel Waweru and chairman Steve Mainda have retired from the company.
Dr Mainda has been replaced by Kaushik Manek.
“The board of directors wishes to notify the public that Dr Steve Mainda retired as non-executive director and chairman of HFC Limited. Dr Mainda continues to sit as chairman of HF Group PLC, the non-operating holding Company,” said the announcement by HF.
Dr Manek will also continue to hold his role as a non-executive director on the board of HF Group, a post he has held since 2015.
The entrepreneur has business interests in trading, distribution, retail, real estate, hospitality and manufacturing.
Dr Mainda was appointed as a director in 2014, tapping into his experience in financial, insurance, investment, education and management background.
HFC posted a Sh428 million after-tax loss in its latest financial reports, a drop from a profit of Sh181 million in 2017.
This contributed to the Sh598 million loss made by the Group, the first time the company reported losses in more than a decade.
Being the only listed lender to record a loss in 2018, the bank saw its bad loans rise to Sh13.3 billion from Sh8.2 billion.
This happened despite its loan book shrinking by Sh6.2 billion to Sh43.3 billion.
Mr Waweru joined the Group in 2005 as the head of internal audit.
He rose to become managing director of of the lender in 2015.
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