New Tuskys CFO Chadwick Okumu. FILE PHOTO | NMG Tuskys Supermarket has hired former Uchumi finance boss Chadwick Okumu as its chief financial officer (CFO), filling the post that fell vacant in July.
Mr Okumu replaces Daniel Ndirangu, facing the task of dealing with the cash flow crisis that is currently plaguing Tuskys.
"We introduce Mr Chadwick Okumu who is joining us as chief finance officer. Mr Chadwick has 16 years of experience in increasingly responsible roles in diverse industries," Tuskys’ chief executive Dan Githua wrote in a memo to staff.
Mr Okumu worked for Uchumi until he and other executives were sent packing for “gross misconduct and gross negligence”.
In 2016, Mr Okumu was arrested over the allegations at a time when the retailer owed suppliers Sh1 billion.
He faced disciplinary proceedings at the Institute of Certified Public Accountants of Kenya over his professional conduct.
He was then barred in 2016 by the Capital Markets Authority (CMA) “from holding office as a Chief Financial Officer, director and/or key officer of a public listed company and/or issuer, licensee or any approved institution of the Authority for a period of two years.”
The sanctions were quashed by the High Court in 2018 after it was ruled that the CMA which imposed various penalties against Mr Okumu, violated the principle of natural justice.
Mr Okumu worked as head of finance at Uchumi for eight years and in similar roles at other firms including Reckitt Benckiser and Keroche Breweries.
Tuskys had last month stated it was searching for a new finance chief as it also sought to raise funds including debt and sale of stake to an equity investor, to clear loans and supplier dues.