Foreign ownership cited in naming of newest Britam CEO

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Companies

Wednesday August 04 2021

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Britam Team managing director Tavaziva Madzinga. PHOTO | NMG

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By OTIATO GUGUYU

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Abstract

  • Britam rejected the frenzy to rent an insider to substitute Benson Wairegi as managing director following a decision that mirrored the wants of its dominant international shareholders.
  • The financial services and products firm mentioned the decision to nominate Zimbabwean Tavaziva Madzinga to substitute the firm’s long serving managing director modified into as soon as pushed by shifts of its ownership enhance.
  • Britam modified into as soon as expected to tap an insider from the finance division to substitute Mr Wairegi, who retired in January after serving the corporations for 40 years.

Britam #ticker:BRIT rejected the frenzy to rent an insider to substitute Benson Wairegi as managing director following a decision that mirrored the wants of its dominant international shareholders.

The financial services and products firm mentioned the decision to nominate Zimbabwean Tavaziva Madzinga to substitute the firm’s long serving managing director modified into as soon as pushed by shifts of its ownership enhance.

Britam modified into as soon as expected to tap an insider from the finance division to substitute Mr Wairegi, who retired in January after serving the corporations for 40 years.

The adjustments within the executive suite came in a duration when sequence of part dealings seen native owners of the corporations including tycoons– Jimnah Mbaru and Peter Munga—cede withhold an eye on to foreigners cherish Swiss Re, AfricInvest and World Finance Corporation (IFC).

“As you understand Britam Team has a successfully off and numerous shareholding rotten and the Board needed to advance at a decision that as mighty as possible balances the interests of the moderately a pair of shareholders,” Britam mentioned constant with a shareholder who requested why the board failed to rent an insider.

The response is contained in a transcript made public by the company after its digital annual total meeting (AGM).

Native shareholders owned 58.9 p.c of Britam when it listed in 2011, but that has been diminished to 42.8 p.c as at June. However the international owners now account for 43.9 p.c of the pinnacle 10 shareholders, who ideally withhold an eye on the board, from 23.9 p.c in 2011.

Mr Madzinga, an actuarial scientist, previously served as chief executive of Outdated Mutual’s operation in Kenya.

The Zimbabwean is credited with efficiently constructing, using and executing Outdated Mutual’s plot in Southern and East Africa in addition to helping to transform Swiss Re’s insurance and financial savings commerce within the UK and Ireland. Since he came on board, the brand new boss has undertaken a massive restructuring that has considered the firm shed an estimated 138 jobs at a ticket of up to Sh700 million.

A specialist hired by the firm mentioned there are too many managers and reporting layers which seen the company receive rid of nine high executive positions or virtually half of its administration crew.

The brand new CEO made adjustments on the Nairobi bourse-listed company introducing a leaner crew of 11 managers from the outdated 19.

Britam Holdings however peaceful posted a file net loss of Sh9.1 billion within the yr ended December 2020 from a net income of Sh3.5 billion a yr earlier when its asset administration division underperformed.

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