Loss-making East African Cables #ticker:CABL has tapped private sector’s lobby chief Carole Kariuki to its board as the firm battles to turn the business back to profitability.
The company, whose shares are publicly traded on the Nairobi Securities Exchange, #ticker:NSE announced in a note to investors on Monday that Ms Kariuki’s appointment took effect last Friday.
She has been chief executive of Kenya Private Sector Alliance (Kepsa) since 2010.
“Carole has a wealth of experience in leadership having worked for Sagamore Institute for Public Policy Research (an Indianapolis-based think tank on public policy issues) where she was the liaison between Kepsa and the Institute before joining Kepsa,” the statement issued following a board meeting on Friday read in part.
“In her line of duty, Carole has been recognised with several awards for her leadership role in the development of the private sector in Kenya.”
Ms Kariuki chairs the board of State-run Special Economic Zones Authority and also sits on boards of Centre for Corporate Governance, United States International University Kenya and Harvard University Centre for African Studies, among others.
East African Cables is battling to reverse a persistent plunge in revenue that stood at Sh2.3 billion in the year period through December 2017, nearly half their peak of Sh5.1 billion in 2014.
The cable maker has been in the red since the year ending December 2015 when it posted a Sh741.2 million net loss, reducing to Sh582.6 million a year later but widening to Sh662.8 million in December 2017.
Between September 2015 and August 2017, the struggling firm lost Peter Arina and his predecessor George Mwangi who resigned amid poor performance at the entity controlled by infrastructure-focused TransCentury.
Mr Paul Muigai, the current CEO, was confirmed in April 2018 after acting in the position since Mr Arina’s exit in August 2017.
The firm is set to release the full-year performance for 2018 later in the month.