Connect with us

Business News

Former Uchumi CEO Julius Kipngetich joins Jubilee Insurance

The new CEO brings to the group “considerable experience and knowledge in strategy and management

Published

on

Julius Kipngetich, the former Uchumi Supermarkets CEO, is expected to steer Jubilee Holdings regional strategy.

Former Uchumi chief executive officer Julius Kipngetich has landed a new high-profile job as regional CEO of Jubilee Insurance Company.  Kipng’etich, the often hyped turnaround manager who failed to lift Uchumi out of its financial troubles, joined Jubilee from 1st January 2018, according to an announcement by the company released today.

The appointment ends speculation over Kipngetich’s new destination after his sudden exit from Uchumi, with many observers initially saying he was headed for the Standard Group where he serves as an executive director. In the statement by Jubilee Holdings Company Secretary Margaret Kipchumba, Jubilee’s board says the new CEO brings to the group “considerable experience and knowledge in strategy and management.

Mr Kipngetich, who holds an MBA and bachelor of commerce (accounting option) resigned from Uchumi early December 2017 for what he board said was to pursue personal interests. Turns out he had already reached a deal with Jubilee Insurance, beating Standard Group in the race to win Kipngetich’s heart.

SEE ALSO: Kenya Airways launches direct flights to New York
READ: Matatu tout rises to become insurance firm CEO

It is understood that Standard Group board last year approached Kipngetich when it pushed out its then CEO, Sam Shollei, after a fallout over the August 8th general elections. Someone close to Kipngetich told Business Today that Kipngetich has been considering the proposal but thought Standard was meshed in “too much” politics.

Jubilee’s boardroom is a relatively stable and offers Kipngetich breathing room and a break from the fast-moving retail business

“They approached him, yes, and he told me he was considering the job. But from his talk, he feared Standard in held at ransom by its owners who don’t give CEOs a freehand to run the media house’s affairs,” said the person, who requested not to named to protect his relations with Kipngetich and Standard Group board.

READ: End of the road for NTSAa major relief for motorists

At Jubilee Holdings Kipngetich replaces former military man Dietmar Raich who has been serving as group CEO overseeing operations in five African countries since February 2016. Jubilee’s boardroom is a relatively stable and offers Kipngetich breathing room and a break from the fast-moving retail business where competition is cut-throat. Jubilee being a market leader in Kenya, the main task will be to stabilize regional operations to contribute more to the group’s bottomline.

Glittering profile

Mr Julius Kangogo Kipngetich, CBS, served as Chief Executive Officer of Uchumi Supermarkets Limited since August 3, 2015, before moving to become Chief Operating Officer of Equity Group Holdings Limited until September 4, 2015.  Earlier, he served as the CEO of Kenya Wildlife Service. Dr. Kipngetich served as a Managing Director of Kenya Wildlife Services and Managing Director of Investment Promotion Centre. 

READ ALSO: Three simple steps to become a CEO 

Business Today is the leading independent online business website in Kenya. Started in 2012 by a veteran business journalist, it has a huge following both in Kenya and abroad. It covers various business and related issues. Email editor at: [email protected]

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News Updates

Economy23 mins ago

Govt to merge six financial agencies to form mega bank

According to the plan, the new agency will become a one-stop shop for loans from the Government ranging

Politics1 hour ago

Win for MCAs in fight for fat pay

They claim the salary capping has negatively affected the effective functioning of the 47 County Assemblies and County Governments

Opinion7 hours ago

Align Kenya’s political system with global standards

There is need to ensure that our system is in line with international best practice especially as they relate to...

NEWS8 hours ago

Kitui County embroiled in models ‘sex scandal’

At least 16 models have dismissed the crowning of four winners at a beauty pageant held last month

NEWS8 hours ago

Kenya not yet fully a free democracy, new report says

While a full report on the country's performance is not yet available online, a summary of the report notes that...

NEWS10 hours ago

Family of five perishes in Juja inferno

Police said a woman, three children - all aged below 10 years, and a man were found early Tuesday morning

NEWS10 hours ago

Americans urged to support conservation

Conservation of nature in many countries in Africa contributes significantly to sustainable rural community livelihoods

NEWS1 day ago

It’s business as usual, Mike Sonko says

He dismissed reports that Igathe called it quits last Friday following disagreements arising from implementation of key projects and award...

NEWS1 day ago

Police mum on theft of State House furniture

Nakuru OCPD Samuel Obara told the press that only police headquarters in Nairobi or State House spokesman Manoah Esipisu can...

NEWS1 day ago

Uncertain future for 100 police officers recalled from NTSA

The Director of Personnel at Vigilance House, the Kenya Police Service nerve centre, Boniface Maingi asked the commanders to send...

Advertisement

Trending