KENYA – The Board of listed Financial services firm Britam Holdings has appointed its Finance Director Mr. Charles Kimani Njuguna as Acting Group Managing Director following the resignation of Mr. Tavaziva Madzinga which was effective on 14th January 2022.
The firm’s board chairman Mr. Kuria Muchiru said in a statement to shareholders that the Board had embarked on a search for a substantive Group Managing Director, a process that will be concluded in due course.
“We believe that Mr. Njuguna is the right person to drive the organization forward during this transition period. Mr. Njuguna is an accomplished executive leader with more than 20 years of experience in the financial sector. His experience in implementing the Group’s turnaround strategies has contributed positively to our financial performance,” said Muchiru.
Njuguna joined Britam in March 2021 as the Finance Director.
He has over 20 years of experience in the financial services sector where he has managed transformational projects, having worked with ABN Amro Bank, GT Bank, Old Mutual, Family as the Chief Financial Officer, and Faulu Microfinance Bank as the Managing Director.
He holds an MBA in Finance from the University of Nairobi and a BSc in Accounting from USIU.
He is a member of the Institute of Certified Public Accountants Kenya and the Institute of Certified Secretaries.
The company recently adopted a new business structure which resulted in the realignment of reporting lines, elimination of some functions both at top management as well as middle-level positions.
New functions were also adopted which saw the company onboard new competencies in some of the functions.
The announcement comes barely 10 months after he joined the company on 1st February 2021 following the retirement of Dr. Benson Wairegi who had served in the company for more than four decades.
Mr. Madzinga had overseen the Group’s return to profitability, initiated the transformation of the Group to a client-centric organization with the development of the 2021-2025 strategy together with the global strategy group BCG and built a strong executive team with global experience that will propel the Group to the next level.