Insurance Group Britam Holdings #ticker:BRTM has appointed Mohamed Said Karama as its acting chairman to replace Walter Andrew Hollas, who has retired.
Mr Karama has been the insurer’s deputy chairman since May last year.
“The Board welcomes the appointment of Mr Karama and looks forward to benefit from his leadership, skills, knowledge and experience,” Britam said in a notice on Tuesday.
Mr Karama joined the board as an independent non-executive director in April 2017 and has served as a member of the Investments and Strategy, and Audit committees.
An expert in public sector, financial services and healthcare industries, Mr Karama was a partner at PricewaterhouseCoopers (PwC) in both Kenya and the United States. Transition
He replaces Mr Hollas, who also previously served as a senior partner and chief executive at PwC responsible for East, Central and West Africa before his retirement in 2010.
Britam said Mr Hollas has left the company voluntarily after attaining 70 years of age.
The insurer said his retirement was “in compliance with the board charter requirement that independent directors shall not be over the age of 70 years and in line with the best corporate governance practice.”
Britam said Mr Hollas played a crucial role in the two-year talent search for Britam’s new chief executive. A strategy expert, Tavaziva Madzinga’s appointment to the role took effect on February 1.
Mr Madzinga replaced long-serving CEO Benson Wairegi, who retired last month after 40 years of service.
Mr Wairegi was initially scheduled to retire at the end of last year but his tenure was extended to allow a smooth transition.“Mr Hollas successfully spearheaded the succession process for the Group managing director,” said Britam.Through a mix of organic growth and acquisitions, the Nairobi Securities Exchange-listed firm now has operations in seven countries –Kenya, Rwanda, South Sudan, Uganda, Malawi, Mozambique, Tanzania.The company offers life and general insurance besides running asset management, property investment and portfolio investments.