KENYA – Sasini Plc, one of Kenya’s major tea and coffee producers has announced that the company’s board has accepted the resignation bid from its Chief Executive Officer Stephen Githiga who is expected to exit by the end of the year.
According to the company statement seen by Business Daily, the CEO tendered his resignation after he chose not to renew his two-year contract which is set to expire before the end of the year.
The firm which is listed on Nairobi Stock Exchange, has kicked off the search for a new CEO but has appointed long-serving group financial controller Samuel Odalo as acting MD until a substantive CEO is appointed.
“As a board, we respect the GMD’s decision and take this opportunity to thank him for his service and wish him well in his future endeavours.
“The GMD will proceed on leave for the remainder of the contract term,” the statement read.
Dr Odalo holds a Doctorate Degree in Business Administration (Finance) from the United States International University (USIU), a Global Executive Masters of Business Administration in partnership with Columbia Business School New York, Bachelor of Science in Business Administration (Accounting) (Hons) from USIU, Certified Public Accountant (CPA K).
He has been with Sasini for nearly three decades and becomes Sasini’s third boss in just four years.
“Dr Odalo has over 29 years’ experience in business management, finance, accounting and audit,” the board said.
Githiga is said to have played a critical role in leading the firm’s diversification into macadamia and avocado farming, which are usually inter-cropped with traditional tea and coffee, Sasini’s main revenue drivers.
The outgoing Sasini MD was recently nominated as director of Kiru Tea Factory Company by the Kenya Tea Development Agency (KTDA), sparking a row at the firm.
This was months after he was kicked out of the Muranga-based tea firm over conflict of interest.
Officials from the tea firm said Mr Githiga’s position at the factory became invalid after Sasini hired him in January last year, arguing that he cannot sit on boards of two rival firms.