Britam ended its pursuit for a replacement for long serving Chief Executive Benson Wairegi on Monday by appointing Zimbabwe national Tavaziva Madzinga to take over the reins from the former who has filled the role for four decades.
The new appointee will assume his new role effective February 1, 2021.
“The board is confident that the company will benefit immensely from Mr Madzinga’s skills, knowledge and vast experience,” Britam’s Chairman Andrew Hollas said in a statement.
According to Mr Hollas, the company has resorted to appointing Mr Madzinga following two years of rigorous search for Wairegi’s successor.
Mr Madzinga is an actuarial scientist with over 20 years insurance industry experience in his locker during which he has served in various capacities including as Chief Executive of Swiss Re (UK and Ireland).
The board further stated that Mr Wairegi will continue to serve the company in “different capacities” an indicator that the outgoing CEO has been asked to help smoothen the transition akin to Safaricom when Michael Joseph handed over the Chief Executive post to current CEO Peter Ndegwa.
In January, Mr Wairegi postponed his retirement to allow the company more room to identify the right replacement. He was set to retire on December 31, 2020.
Wairegi played a central role in Britam’s growth from a home service insurance company to a financial services giant with operations in 7 countries – Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique and Malawi.