Kenya’s oldest retail chain Uchumi Supermarkets has picked Julius Kipng’etich from Equity Bank as the new chief executive officer to lead its turnaround and deliver it from its financial troubles.
Uchumi’s board on June 15 fired its chief executive Jonathan Ciano and its finance chief, Chadwick Omondi Okumu, and ordered a forensic audit “to determine why it was bleeding cash and falling behind on supplier payments.”
The retail chain has already hired KPMG, an audit, tax and consultancy firm, to carry out a forensic audit spanning the last two years when the rot began to set in.
It is also talking to consultancy firms over developing a new corporate strategy, including assessing whether the chain requires an investor from within the industry. All eyes will now be on Mr Kipng’etich, who successfully turned around the Kenya Wildlife Services, bring Uchumi back on track.
The Former Kenya Wildlife Service (KWS) Director Julius Kipng’etich joined Equity Bank Group in 2012 as the chief operating officer.
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