Sameer Africa managing director Simon Ngigi has quit the company one year after his appointment, amid piling losses that have complicated the firm's recovery strategy.
The firm announced Monday that Mr Ngigi, who joined Sameer from LongÂhorn Publishers last year, had quit to pursue “personal interests”.
This ends Mr Ngigi’s one year stint at the loss-makÂing firm, having joined on October 1 last year to replace Allan Walmsley who retired after serving the group for six years.
Last year, he earned Sh21.53 million in his role at Sameer, being 28 percent higher than the Sh16.8 million he pocketed in his last year at Longhorn.
In Mr Ngigi’s place, the board has appointed Peter Gitonga, a board member, as the acting managing director effective August 28.
“The chairman and the board of directors take this opportunity to thank Mr Ngigi for the service he has rendered to Sameer PLC and welcome Mr Peter Gitonga to the new position,” said the firm.
Mr Gitonga has previously served in different capacities at senior management level in Sameer. He holds a Bachelor of Science degree in business administration and a Master of science in strategic management from the United States International University.
His immediate assignment will be to steer the firm back to profitability and grow value for shareholders.
The firm widened its loss 15.8 times to Sh182.8 million in the first six months of 2019 with stockouts and counterfeit products complicating its recovery efforts. Group revenue for the period dropped by 20 per cent to Sh930.2 million as its best-selling tyre sizes remained unavailable throughout the period.
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