ARM Cement’s #ticker:ARM long-serving chairman Rick Ashley has quit the position to take an executive role at the company
This marks a unique job shift in the universe of Nairobi securities Exchange-listed firms.
The cement manufacturer did not specify the new title of Mr Ashley who has been replaced as chairman by another long-serving non-executive director Wilfred Murungi.
ARM says the changes are part of its efforts to turn around the business by, among other measures, selling non-cement operations and raising new funds from debt and equity transactions.
“The current chairman, Mr Rick Ashley, will step down from his position … and take on an executive role to strengthen the senior management of ARM with a view to ensuring the success of the above initiatives as well as improving the trading and operating conditions of ARM,” the company said in a statement.
“Mr Rick Ashley will continue to be a director of ARM. Mr Pradeep Paunrana (the CEO) will focus on the identification of a strategic investor who will invest in ARM to improve its balance sheet.”
ARM has in recent years struggled with losses and a debt load, causing its share price to fall by a large margin.