Uchumi Supermarkets CEO Dr Julius Kipngetich has resigned, raising speculation that he could be headed to the Standard Group. The retailer’s board says Chief Finance Officer Mohamed Ahmed Mohamed to take charge in an acting capacity.
In a public notice dated 29th November, the Board of Directors of Uchumi said that the CEO resigned due to pursue personal interests.
“The Board of Directors of Uchumi Supermarkets Plc wishes to inform all shareholders and stakeholders that the Board of Directors has accepted, with reluctance, the resignation of the Chief Executive of the Company, Dr Julius Kipng’etich, with effect from 30th November 2017 to pursue personal interests,” read the statement in part.
“In the interim, the Chief Finance Officer Mr Mohamed Ahmed Mohamed will be the acting Chief Executive Officer.”
Also read: Kipng’etich closer to taking over Standard
Dr Julius Kangogo Kipngetich has been Chief Executive Officer of Uchumi Supermarkets Limited since August 3, 2015. He was appointed as board member of Standard Group in early October and many expect him to be named the CEO to replace Sam Shollei at the helm of Kenya’s second biggest media house which publishes Standard newspapers and runs KTN television and Radio Maisha.
His resignation is also a final admission that he has been unable to get Uchumi back on track. When he took over the retail chain, there was hope of revival but that has turned into a nightmare as the supermarket’s final woes continue to pile and shelves stay empty.
Before joining Uchumi, Dr Kipng’etich served as the Chief Operating Officer of Equity Group Holdings Limited and served as its Executive Director from June 27, 2008 to January 05, 2015.
He has also served as the Chief Executive Officer of Kenya Wildlife Service as well as the Managing Director. He served as the Managing Director of Investment Promotion Centre.
Currently, he serves as a Director of Kenya Deposit Insurance Corporation. Dr. Kipngetich served as a Director of Equity Bank Limited from June 27, 2008 to January 05, 2015.
He holds a Masters of Business Administration degree and a Bachelors of Commerce in Accounting option degree from University of Nairobi.