Eveready East Africa #ticker:EVRD has appointed Sameer Management Limited finance manager Thomas Mong’are Masaki as the interim managing director following the exit of Margaret Odhiambo.
The appointment takes immediate effect until the board recruits a substantive head, the battery distributor said in a statement on Tuesday.
Ms Odhiambo became the firm’s first female MD after taking over in February 2019 from Jackson Mutua who quit following a decline in profits.
“In her tenure, the company has recorded tremendous organic growth in its new growth drivers, and through it achieved consistent year-on-year improvement in the bottom line position,” Eveready said.
She has been in the company for 12 years, having served as head of corporate services prior to taking the helm.
The Nakuru-based firm has been in financial distress after its fallout with American battery maker Energizer in 2016.
Eveready had exclusive rights to distribute Energizer products but fell-out after it accused the American firm of taking control over product distribution and company margins.
The battery vendor was forced to restructure its business model from the manufacture of third-party brands and now focuses on the Turbo brand to grow revenue.
In the full-year ended September 2019, the company booked a loss of Sh303.5 million, widening from Sh116.4 million the year before.
According to the firm, Mr Masaki brings on board strategic financial management skills and technical expertise.
“Thomas will perform as acting managing director pending the appointment of a substantive managing director by the board,” said Eveready.“The board welcomes him to the company.”Mr Masaki holds a Bachelor of Arts degree in Technology and Management from Moi University and has more than 19 years of experience in finance and as a board member.“He has served in various boards and committees and as a director in the Board of Aristocrats Concrete Limited and at Yana Oil Limited.”He has also previously worked for Manrik Group, Twiga Chemical Industries, Industrial Promotion Services, and Janadasa Group (Sri Lanka).