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Flip-flop CEO edged out as UAP, Old Mutual merge

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Seven years ago, Old Mutual headhunted Dominic Kiarie (pictured above), the man who had grown British American Asset Managers (BAAM) from scratch to a leading fund manager. What a catch it had!

In corporate Kenya, rainmakers are a priced commodity and talent scouts are always on the prowl. So even before Old Mutual could prepare his office access card – but after lavishingly announcing his appointment – Mr Kiarie pulled a fast one the firm by going back to his previous position at BAAM after a few days at Old Mutual.

That move returned to haunt him when in June 2015 UAP Holdings was acquired by Old Mutual, the company he snubbed. Old Mutual CEO and former NSE boss Peter Mwangi was appointed as the CEO of the merged group, UAP Old Mutual Group.

RELATED STORY: FORMER NSE BOSS APPOINTED CEO OF UAP-OLD MUTUAL GROUP

After three more years at BAAM, Mr Kiarie in 2011 moved to UAP as Deputy CEO and rose to become CEO. In a twist of fate, Old Mutual recently acquired UAP Holdings,  edging out Mr Kiarie who was forced to reign.

“Of the two, we felt Mr Mwangi has better knowledge of the two companies,” Mr Ralph Mupita, chief executive of Old Mutual Emerging Markets was quoted by Business Daily as saying.

Mr Mwangi, who joined Old Mutual in October 2014, has previously served on the board of UAP in his capacity as the chief executive of Centum, an investment firm that had a significant take in the insurer.

NEXT READ: NATIONAL BANK SUES NATION FOR DEFAMATION

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editor [at] businesstoday.co.ke

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