Britam Holdings Plc on Tuesday, March 2nd announced a restructuring plan that will see numerous employees lose their jobs.
The Nairobi Securities Exchange (NSE) listed firm noted that its new organisational structure was meant to result in a more competitive, efficient and customer-centric organization. It is the result of a business strategy review undertaken by the board for the 2021-2025 period.
Over 130 employees are to be sent home in a process expected to cost the company millions in exit packages. It is the biggest wave of lay-offs at the firm since 110 employees were axed in 2018.
“The business realignment process will result in the elimination of some roles. Employees in the affected roles and positions are expected to exit the business under a Voluntary Early Retirement (VER) program,” a cautionary notice seen by Business Today read in part.
Britam noted that affected employees would be offered “an attractive package that is well above the industry average.”
The firm, which recently appointed strategy expert Tavaziva Madzinga as CEO following the retirement of Benson Wairegi after 40 years at the firm, stated that the restructuring would be complete by May 2021.
The new structure is designed to drive enhanced digital innovation in Britam’s solutions and product development.
The financial services group operates in 7 African countries and has interests in insurance, asset management, property and banking.
Madzinga’s appointment to the helm of the firm took effect on February 1, 2021. The actuarial scientist will oversee the restructuring and Britam’s larger strategic plan.
The Zimbabwan national previously served as chief executive of Old Mutual’s Kenya business and is credited with driving Old Mutual’s strategy in Southern and East Africa
His resume also includes key roles at Swiss Re’s insurance and savings business in the UK and Ireland.