CIC Insurance on Monday announced the appointment of Patrick Nyaga as its new CEO following the departure of Tom Gitogo who cut his contract short October 2019.
In a statement, CIC’s board of directors through Chairperson Japheth Magomere said that Nyaga’s appointment will be effective June 22 following approval by the Insurance Regulatory Authority (IRA) when he will take over from Elijah Wachira who has been holding fort in acting capacity.
Nyaga has over 28 years experience in the Kenyan & East Africans financial sectors having worked for different organisations including Barclays Bank, KPMG and most recently the Co-operative Bank of Kenya where he served as Group Finance and Strategy Director.
“The board appreciates that Mr Nyaga has key strengths that will position him to drive the CIC Group business at this critical period which include great links and experience with the co-operative movement who are CIC’s core and primary segment and shareholder,” said Magomere.
According to Magomere, the board is tasking the new appointee with leading the operational efficiency charge with huge costs savings, salesforce efficiencies, performance-based reward structures, data analytics and digitization top of his priorities.
“His track record as a champion for strategy, broad experience in operational efficiency and diverse leadership experience will be of great benefit to CIC Insurance Group,” said Magomere.
Gitogo left CIC in a huff before his contract slated to expire in February this year run out.
The listed firm did not state why Gitogo left but his tenure at the helm of the firm was characterized by a decline across various performance measures.
The insurer’s market capitalisaton dropped 68 percent from Sh25.1 billion in December 2014 to Sh8 billion in October 2019.
Conversely, during his tenure, CIC’s earnings and shareholder funds also dropped but that could be attributed in part to losses in regional subsidiaries and a poor performing stock market during his stint as CEO.