Britam Appoints New Board Chair Amid Shake-up

Britam has named former PricewaterhouseCoopers (PWC) Kenya Senior Partner Kuria Muchiru as its new Board Chair. He takes over from Mohammed Said Karama who has been serving as Chairman in an acting capacity since February 2021.

“Mr Muchiru brings with him tremendous board-level experience and a deep understanding of the financial sector. We look forward to working closely with him in our leadership team to support further development of our business,” Britam noted in a statement.

The appointment comes amid a shake-up of the financial services conglomerate’s top brass.

Britam CEO Tavaziva Madzinga’s resignation was confirmed in November 2021, less than a year after the Zimbabwean national joined the firm. His appointment was announced in February alongside that of Karama as Acting Board Chair.

Madzinga is leaving Britam to take up a new position at the head of South African insurer Santam.

At Britam, he had taken over from Benson Wairegi – a seasoned executive who’d spent 40 years at Britam.

READ>>After 40 Years in Charge, Britam Boss Wairegi Hands Over to New CEO

Madzinga spearheaded a restructuring of the company that included eliminating several senior managerial positions. From 19 managers when he joined, Britam currently has 11 managers.

Among the positions that were scrapped were chief of staff, group chief operating officer, principal executive director, actuary and product development manager and commercial director.

In the six months to June 2021, Britam Group posted a Ksh376.3 million net profit.

Britam has interests in insurance, real estate, asset management and banking. The firm has a presence in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique and Malawi.

READ>>Britam Sends 138 Workers Home as Restructuring Begins