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.
Young sociologist who heads health docket in Turkana
Moses Natome, who has been re-nominated by Governor Josphat Nanok, says he a team player and has in the past...
Kenya faces Sh103b annual shortfall for universal health coverage
Health PS Julius Korir says so far the government is only able to afford Ksh 12.4 billion annually to cater...
Supreme Court explains why it threw out petitions
The court ruled that NASA candidate Raila Odinga did not formally withdraw from the election but only declared his intention to withdraw
Time Raila stopped being a political enigma
Election seasons must be predictable so that the people and their chosen government can move on with the business of nation...
Nairobi-based US diplomat quits, blasts Trump
In a scathing resignation letter, Elizabeth Shackelford tore into the Trump administration and Secretary of State Rex Tillerson for undermining the work...
Half of Govt workers are drug addicts
NACADA survey shows alcohol abuse among employees in the public sector stands at 57.9 percent, higher than the national average...
Kenya’s economy to ‘bounce back’
Kenya’s economy is set to grow from the current 4.9% to 5.5% and 5.9% in 2018 and 2019 respectively, a...
Libya slavery scam: Africa has killed its own sun
African states have created the environment in their home countries that have made their citizenry so desperate and hopeless to...
Unique name that inspired KCPE star
As a biology teacher, Harrison Tanga was not fazed when he went to hospital to see his newborn child, unlike...
Youth turn to sex to soothe election pain
The struggle to make ends meet has left them disillusioned, apathetic and angry, according to the annual survey of nearly...