Centum CEO quits

Centum Investments chief executive, Mr Peter Mwangi. Photo/FILE

Centum Investments chief executive, Mr Peter Mwangi has unexpectedly resigned as managing director of Centum Investment, one of the oldest and largest investment companies in the country.

“We are sad that he is going but we have allowed him to leave the company on his request to pursue other personal interests, which need more of his time and dedication,” a statement from the company signed by the board chairman Mr James Muguiyi said.

Mr David Owino, the current investment manager and company secretary, will take over in an acting capacity.

A letter signed by Mr Muguiyi informing the Nairobi Stock Exchange CEO Chris Mwebesa of the resignation also did not specify the reasons.

“We wish to notify you that Mr Peter K. Mwangi, who has been the Managing Director and Chief Executive Officer (of) the company, resigned from the position effective 15th October 2008 to pursue other interests,” Mr Muguiyi’s letter, which was copied to Capital Markets Authority CEO Stella Kilonzo, said.

In another letter to Mr Mwebesa sent on the same day, the company postponed both its Annual General Meeting to January 14, 2009.

It also postponed the payment of its final dividend for the financial ended March 31, 2008, which was scheduled for yesterday, to January 15, 2009.

“As a result, the first and final dividend of Sh0.45 per share that was declared in September 2008 will be paid on January 15, 2009 and not on October 16, 2008 as had been communicated to you earlier,” said the letter that was copied to CMA.

The chairman said the board had full confidence in the management of the business during Mr Mwangi’s time and asserted that he had achieved exceptional milestones during his tenure.

“Last year, for the first time in our history, the net profits hit the Sh1 billion mark and market capitalisation increase to Sh15 billion last year up from Sh6 billion five years ago,” he said.

Mr Mwangi, who served as investment manager and company secretary before his elevation, leaves Centum Investment having worked with the company for nine years, five of which he served as MD.

A Bachelor of Science degree in Electrical Engineering graduate from the University of Nairobi, he is a CFA Charter holder.

Coca Cola, General Motors and UAP Insurance are among the regional firms in Centum’s portfolio.

During his tenure, the outgoing CEO oversaw the company’s re-branding exercise, which saw it change its name from ICDC Investment Company Limited to Centum Investment.

The tenure also saw the company clinch private equity deals including Longhorn Kenya, Rift Valley Railways and K-Rep Bank.