Following an announcement made through a public notice as per the requirements of the Capital Markets Authority, Uchumi Supermarkets Limited through it’s chair today informed its shareholders and stakeholders that the board of directors had accepted without reluctance the resignation of Dr Kipngetich as the company’s CEO.
“The Board of Directors has accepted, with reluctance, the resignation of the Chief Executive Officer of the Company, Dr Julius Kipng’etich, with effect from 30 November 2017 to pursue personal interests,” Uchumi Chair Catherine Ngahu said.
“The Board further takes this opportunity to thank Dr Kipng’etich for his dedicated service to the Company during his tenure and wishes him well in his future endeavours,” she said.
Mr Kipng’etich joined Uchumi in 2015 where he took drastic restructuring measures to reduce the financial losses suffered by the retailer.
Prior to which Kipngetich served as the Chief Operating Officer of Equity Group Holdings Limited from October 2012 to September 2015 where he oversaw the day to day execution of strategic initiatives and operations of the Bank. He was also the Director and CEO of Kenya Wildlife Service between December 2004 and September 2012 where he managed to turned around the organization from loss making.
The company’s Chief Financial Officer Mohamed Ahmed Mohamed has been appointed as the acting CEO, working closely with newly appointed chief operations officer Andrew Dixon.