The Board of Directors of Britam Holdings has announced the appointment of Charles Kimani Njuguna as Acting Group Managing Director, effective 14th January, 2022. Mr. Njuguna takes over in an acting capacity from Mr. Tavaziva Madzinga, the outgoing Group Managing Director following his resignation.
Mr. Njuguna joined Britam in March 2021 as the Finance Director, with his over 20 years of experience in the financial services sector. In his career, he has managed transformational projects, having worked with ABN Amro Bank, GT Bank, Old Mutual, Family Bank as the CFO and Faulu Micro-Finance Bank as the Managing Director. He holds an MBA in Finance from the University of Nairobi and a BSc in Accounting from USIU. He is also a member of the Institute of Certified Public Accountants Kenya and the Institute of Certified Public Secretaries Kenya.
Commenting on Mr. Njuguna’s appointment, Mr. Kuria Muchiru, Board Chair at Britam Holdings said, “We believe that Mr. Njuguna is the right person to drive the organisation forward during this transition period. Mr. Njuguna is an accomplished executive leader with more than 20 years of experience in the financial sector. His experience in implementing the Group’s turnaround strategies has contributed positively to our financial performance.”
Mr. Madzinga has been credited for the transformation of the Britam Group. Under his leadership, the Group has seen a return to profitability in 2021 and a VER program that has resulted in Ksh. 500 million in savings per annum. The Group is now re-organized to implement a client-centered operation best-suited to serve its local and regional customers outside Kenya to drive further growth.
The company has adopted a new business structure which has resulted in the realignment of reporting lines, elimination of duplicated and overlapping functions and creation of new functions. Mr. Muchiru confirmed that the Board had embarked on a search for a substantive Group Managing Director, a process that will be concluded in due course.