Fountain Enterprise Programme (FEP) Group has promoted chief operating officer Maurice Korir to replace founding chief executive John Kithaka, who has been at the helm of the investment group for more than a decade.
The loss-making group founded in 2002 has a membership of 70,273 investors, with a significant stock held by the diaspora.
“We are confident that he will set the sails toward a trajectory of greater success with the same vigour, as we embark on the second phase of our transformation programme,” said FEP chairman Erastus Mwongera.
FEP announced Mr Kithaka will continue serving on the company’s board as a director though.
The executive changes at the Sh4.4 billion asset chama come at a time FEP has a pipeline of investment activities: an ongoing rights issue, plans to acquire a bank and complete multiple projects.
Mr Korir will steer the cash call expected to raise Sh2.6 billion, and provide the strategy in acquiring a majority stake at Credit Bank, controlled by the Nyachae family.
He will also be tasked with finishing stalled projects including an upcoming 146-bed hotel in Sagana, Kirinyaga county, and build boarding facilities at the Fountain Schools in Tigoni and Mwea.
Prior to joining FEP in 2014, Mr Korir was chief operating officer at publicity firm Ogilvy. He holds an MBA and a bachelor of commerce degree (finance) from the University of Nairobi.