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YEAR ENDER: 13 CEOs leave Nairobi bourse corner offices




Frank Ireri. FILE PHOTO | NMG 

A total of 13 chief executives left corner offices at Nairobi Securities Exchange-listed firms this year.

The firms that made substantive or temporary appointments to replace leaders who moved elsewhere or were forced out are BOC Kenya #ticker:BOC, HF Group, Kenya Power #ticker:KPLC, Longhorn Publishers, Mumias Sugar Company #ticker:MSC, Sameer Africa, Sanlam Kenya, Sasini, Jubilee Insurance, Stanlib Fahari I-Reit, Total Kenya, Nation Media Group #ticker:NMG and The Standard.

Industrial gases manufacturer BOC in July hired Marion Gathoga-Mwangi as its chief executive to replace Millicent Onyonyi who resigned after serving for two years.

The company’s sales and earnings have declined over the years, partly due to increased competition.

Mortgage financier HF Group #ticker:HFC last week appointed former NIC Bank #ticker:NIC retail banking director Robert Kibaara as its new CEO to replace Frank Ireri who retires from the company in March next year.

Mr Kibaara joins HF at a time when the lender has posted one of its worst performances in recent years on the back of rising defaults, forcing it to scale down its lending.

The firm sunk into a net loss of Sh332 million in the nine months ended September compared to a net profit of Sh159.7 million a year earlier. The arrest and prosecution of Kenya Power’s Ken Tarus led to the appointment of Jared Othieno in an acting capacity.

The term of the electricity distributor’s caretaker executive team was extended to this month and it remains to be seen whether it will be renewed once more.

Besides allegations of corruption at the State-owned firm, the company was recently found to have been cooking its books and has refused to correct the scam in defiance of the auditor-general’s advice.

Allegations of underhand dealings also forced out Nashok Asheka from Mumias where Patrick Chebosi has replaced him in an acting capacity.

Longhorn Publishers in September picked Maxwell Wahome to replace Simon Ngigi who resigned and later emerged as the new boss of tyre distributor Sameer Africa.

At Sameer, Mr Ngigi replaced Allan Walmlsley who implemented the company’s shift from a tyre manufacture to an importer from contract manufacturers overseas.

Sanlam Kenya in August appointed Patrick Tumbo to replace Mugo Kibati who stepped down in February and was recently hired to lead Telkom Kenya.

Mr Tumbo had retired from Jubilee Insurance before moving to Sanlam.

Sasini’s Stephen Githiga retired and was replaced in an acting capacity by Samuel Odalo who has been with the company for nearly three decades.