Companies

Sasini to get third chief executive in four years

sasini

Some of the coffee and tea brands marketed by Sasini Ltd. FILE PHOTO | NMG

Listed plantations firm Sasini Plc #ticker:SASN has kicked off the search for a new chief executive after Stephen Githiga chose not to renew his two-year contract which expires at the end of the year.

The firm’s board said in a statement on Monday said that it had accepted Mr Githiga’s decision to exit, making Sasini one of Nairobi Securities Exchange’s firms with highest C-suite turnovers.

“As a board, we respect the GMD’s decision and take this opportunity to thank him for his service and wish him well in his future endeavours.

“The GMD will proceed on leave for the remainder of the contract term,” the statement read. The outgoing CEO, who joined in January 2017 from First Assurance Company where he served in the same capacity, had a three-month notice in his Sh18.6 million-a-year contract as of 2017.

The board has consequently appointed long-serving group financial controller Samuel Odalo as acting MD until a substantive CEO is appointed.

The new acting boss, who holds a doctorate in business administration, has been with Sasini for nearly three decades.

“Dr Odalo has over 29 years’ experience in business management, finance, accounting and audit,” the board said. The new boss will be Sasini’s third in just four years.

Mr Githiga’s predecessor, Moses Changwony, had led the company from 2014.

The outgoing MD had been charged with the responsibility of leading the firm’s diversification into macadamia and avocado farming, which are usually inter-cropped with traditional tea and coffee – Sasini’s main revenue drivers.