Kenya-based financial services group, Britam Holdings Plc, has confirmed the appointment of Charles Kimani Njuguna as the acting group managing director.
Njuguna played a strategic role as finance director in the execution of the group’s turnaround strategy that saw its earnings surge in the first six months of 2021 above Ksh376 million ($3.3 million).
The appointment comes nearly a week after Zimbabwean businessman Tavaziva Madzinga announced his exit from the financial services holding less than 10 months after joining the group as managing director.
Recall that Madzinga was appointed as the group managing director on Feb. 1, 2021 to replace Benson Irungu Wairegi, who served the organization for more than 40 years, overseeing its growth and expansion from a small home service insurance company to a diversified financial services group.
As the acting group managing director, Njuguna will lead the organization during its transition period until the search for a new director is concluded.
The Kenyan executive joined Britam in March 2021, bringing more than 20 years of experience in the financial services industry across the East African financial sector.
Prior to his appointment last year, Njuguna was managing director at Faulu Microfinance Bank for three years. He also led the Finance Department of Old Mutuals Kenya, now UAP Holdings Limited, for over four years.
As a result of a mix of cost- and revenue-optimization strategies implemented by the management coupled with its new business structure, Britam reported a profit of Ksh376.3 million ($3.31 million) in the first half of 2021, up from the loss of KSh1.63 billion ($14.36 million) that it posted in the first half of 2020.
Britam is on course to earn Ksh13.95 billion ($123.3 million) from the sale of a substantial stake in Kenya’s largest financial services group, Equity Group Holdings, to the International Finance Corporation.
Experts believe the 11-percent premium on the deal with the IFC will see the Kenya-based financial services group expand its gains by about Ksh1.5 billion ($13.3 million).