Britam CEO quits after 10 months in shake-up

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Companies

Thursday November 25 2021

tavaziva

Britam Community managing director Tavaziva Madzinga. PHOTO | DIANA NGILA | NMG

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By OTIATO GUGUYU

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Summary

  • Mr Madzinga will officially leave Britam in April 2022, giving the corporate sufficient time to search out his replacement.
  • The insurer has also launched the appointment of Charles Njuguna as the deputy managing director, signalling internal succession planning on the corporate.
  • Right here is rising to be the greatest executive shake-up in company Kenya after the firm in March nick practically half of of its administration workers.

Insurance protection Community Britam Holdings #ticker:BRIT has launched the planned exit of its managing director, Tavaziva Madzinga, after factual 10 months in place of job in its most modern executive shake-up.

Mr Madzinga will officially leave Britam in April 2022, giving the corporate sufficient time to search out his replacement.

The insurer has also launched the appointment of Charles Njuguna as the deputy managing director, signalling internal succession planning on the corporate.

Mr Njuguna is the recent finance director and ought to silent protect his feature below the brand new structure.

The corporate has also appointed Diane Korir as the consumer abilities director and Catherine Karita as the blueprint and investor members of the family director.

Right here is rising to be the greatest executive shake-up in company Kenya after the firm in March nick practically half of of its administration workers as the brand new CEO shook up the ruin decks of the Nairobi bourse-listed firm.

Mr Madzinga, who replaced long-serving Benson Wairegi in February, says he’ll be pursuing a likelihood in a brand new market and the corporate wished to tag the refined transition because it strikes to the following stage.

Mr Wairegi had been with the corporate for four a long time.

“I will probably be pursuing a likelihood in but every other market and here’s fragment of succession planning. We wished to tag the market very early appointing Charles as the brand new deputy managing director as we transition smoothly,” said Mr Madzinga.

The planned exit comes at a time the actuarial scientist has instituted a radical restructuring of Britam operations, merging roles and reviewing contracts that noticed most center and high-stage managers leave.

Britam says his turnaround notion has saved the corporate Sh500 million in annual charges by the voluntary early retirement (VER) programme.

Mr Madzinga said he used to be joyful alongside with his achievement at Britam, having restructured the industry true into a customer-centered company, constructed a sturdy mix in the administration workers and improved the efficiency of the worldwide industry which has seen the insurer return to profitability.

Britam Community posted a Sh376.3 million find profit in six months to June 2021, marking a restoration from Sh1.63 billion find loss posted in a equal interval remaining one year.

It’s rising from a file Sh9.11 billion find loss booked in the fleshy one year ended December 2020 and hopes to proceed with restoration in the 2nd half of of the one year.

The insurer’s profitability used to be bolstered by the regional habitual insurance industry, which posted development in wicked earned premiums, with payments begin air Kenya accounting for 24 p.c of total premiums.

Britam has operations in Kenya, Uganda, Rwanda, Tanzania, South Sudan, Mozambique and Malawi.

“We’re grateful to possess benefited from Mr Madzinga’s world abilities in repositioning the Community for the long speed. He has reset the Community’s point of curiosity against serving our customers with empathy and care whereas offering a in actuality story customer abilities,” said performing Britam chairman Mohamed Acknowledged Karama.

Mr Madzinga, who beforehand served as chief executive of Passe Mutual’s operation in Kenya, instituted one in every of essentially the most radical shake-u.s. Britam in most modern instances, striking off practically nine high executive positions.

The insurer now has a workers of 11 managers from the outdated 19, having scrapped the positions of the critical executive director, chief of workers, group chief operating officer, actuary and product construction manager, commercial director and Britam asset administration unit.

Britam also provided workers an early retirement kit focusing on about 138 workers or 10 to 15 p.c of its total workers, which stood at 923 in December 2019.

The firm says the exercise streamlined overlapping roles, removed duplications across the industry, and re-evaluated contractual preparations with label chain companions such as distributors and other provider providers.

Britam’s company restructure appears to be like one in every of a truly valuable in most modern years after the greatest one undertaken by KCB Community that resulted in the scrapping of some 15 executive directors’ posts.

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