Insurance Group Britam Holdings #ticker:BRIT has announced the planned exit of its managing director, Tavaziva Madzinga, after just 10 months in office in its latest executive shake-up.
Mr Madzinga will officially leave Britam in April 2022, giving the company enough time to find his replacement.
The insurer has also announced the appointment of Charles Njuguna as the deputy managing director, signalling internal succession planning at the company.
Mr Njuguna is the current finance director and will retain his role under the new structure.
The company has also appointed Diane Korir as the customer experience director and Catherine Karita as the strategy and investor relations director.
This is emerging to be the biggest executive shake-up in corporate Kenya after the firm in March cut nearly half of its management team as the new CEO shook up the top decks of the Nairobi bourse-listed firm.
Mr Madzinga, who replaced long-serving Benson Wairegi in February, says he will be pursuing an opportunity in a new market and the company wanted to signal the smooth transition as it moves to the next level.
Mr Wairegi had been with the company for four decades.
“I will be pursuing an opportunity in another market and this is part of succession planning. We wanted to signal the market very early appointing Charles as the new deputy managing director as we transition smoothly,” said Mr Madzinga.
The planned exit comes at a time the actuarial scientist has instituted a radical restructuring of Britam operations, merging roles and reviewing contracts that saw most middle and top-level managers leave.
Britam says his turnaround plan has saved the company Sh500 million in annual expenses through the voluntary early retirement (VER) programme.Mr Madzinga said he was pleased with his achievement at Britam, having restructured the business into a customer-focused company, built a strong mix in the management team and improved the performance of the international business which has seen the insurer return to profitability.Britam Group posted a Sh376.3 million net profit in six months to June 2021, marking a recovery from Sh1.63 billion net loss posted in a similar period last year.It is emerging from a record Sh9.11 billion net loss booked in the full year ended December 2020 and hopes to continue with recovery in the second half of the year.The insurer’s profitability was bolstered by the regional general insurance business, which posted growth in gross earned premiums, with payments outside Kenya accounting for 24 percent of total premiums.Britam has […]