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Maina Wanjigi exits Carbacid after nearly five decades as director

Maina Wanjigi Carbacid Investments
Mr Maina Wanjigi. PHOTO | FILE | NMG 

James Maina Wanjigi, a former Cabinet Minister and the father of businessman Jimmy Wanjigi, has bowed out of Carbacid Investments #ticker:CARB, bringing to an end 48 years of service as a director.

The firm, a holding company with investments in carbon dioxide gas production, announced on Thursday that Mr Wanjigi opted not to offer himself for re-election as a director during the annual general meeting held on Tuesday.

“Accordingly, he has ceased to be a director of the company and its subsidiaries. Hon Wanjigi has been a director of the company since its inception in July 1970,” said the firm in a statement.

‘The directors are extremely grateful to Hon Wanjigi for his significant contribution and wise guidance to the Carbacid Group over the many years that he served on the board and wish him good health an great success in future.”

The octogenarian also served as chairman of the company from December 2001 to December 21, 2016.

Prior to the AGM, the firm had indicated that Mr Wanjigi, aged 87 years, was to offer himself for re-election.

Political, business career

He was a Member of Parliament for more than 25 years and held Cabinet portfolios in government such as Minister for Agriculture, Public Works and Tourism.

He is a Fulbright Scholar as well as a recipient of the Elder of the Golden Heart of Kenya award.

According to information in the firm's annual report, he attended only one of the seven board meetings in the financial year ended July 2018, with the board saying this was due to medical reasons.

New director

In his place, the company has appointed Edward Musebe as an independent non-executive director. Mr Musebe is the currently the General Manager of African Diatomite Industries Limited.

“The chairman and the board of Carbacid Investments PLC are delighted to welcome Edward to the Group,” said the board.

He holds a degree in mechanical Engineering and is currently pursuing doctorate studies in strategic management.

He has previously worked at Managing Director at Chemilil Sugar and Amloy Engineering Limited. He also held various positions at Unga Limited #ticker:UNGA, East African Cables #ticker:CABL, East African Breweries #ticker:EABL and Magadi Soda Company.

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