After a decade at the helm of Twiga Foods, Kenyan tycoon Peter Njonjo has officially resigned from the board of the leading agritech firm, marking the end of an era for the company he co-founded in 2013.
In the letter dated Jan. 4, 2024, addressed to Hein Pretorius, the Twiga Holdings board chairman, and copied to shareholders, Njonjo stated that his departure comes in the wake of a six-month leave he announced in Dec. 2023. During this period, he had agreed to stay on the board to facilitate the appointment of a new CEO at the request of the board.
Njonjo steps back from operational role, affirms commitment as Twiga Foods’ dedicated shareholder
Effective immediately, operational control of Twiga Foods has transitioned to Juven and Creadev, with Njonjo expressing his belief that little value can be added from his position at this point. As a Founder, he remains committed to the company as a shareholder.
This development follows a recent undisclosed funding round that added to Twiga Foods’ impressive cumulative capital of $160 million since its launch in 2014. The fundraising success came shortly after Njonjo’s announcement and signifies continued investor confidence in the agritech firm.
Njonjo reflects on macroeconomic hurdles impacting expansion, steering through adversity
Njonjo acknowledged the challenges faced by Twiga Foods in the first quarter of 2022 due to global macroeconomic developments, impacting the company’s expansion plans.
He highlighted the company’s achievements, including transforming Kenya’s agricultural sector through a revolutionary supply chain and connecting millions of vendors across Africa via its cashless mobile B2B supply platform.
The recent sabbatical of Njonjo and the appointment of COO Laurent Gouault and CFO Zuber Momoniat to lead key functions raise questions about the company’s stability and its ability to maintain its pioneering role in the agri-tech sector.
Investors and industry watchers will be closely monitoring Twiga Foods’ next moves as it navigates a new chapter without its founder at the helm.