Sasini names new MD to turn around the company’s fortune

KENYA – Plantations firm Sasini has appointed former chief executive of First Assurance Stephen Githiga its managing director to lead its next growth phase that includes processing of macadamia nuts.

The struggling firm, listed on the Nairobi Securities Exchange, said Githiga took over on January 1.

“He has 25 years working experience in public and private sector, and has served in various boards and organizations,” board chairman James McFie said in a statement yesterday.

Sasini is among the six top producers of tea and coffee and on December 9 announced plans to set up a Sh400 million macadamia processing plant in Kiambu to diversify its revenue streams.

It also deals in dairy and horticulture products, and runs retail coffee shops.

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Githiga replaces Moses Changwony who retired last month after being at the helm since April 1, 2014.

Githiga’s immediate task will be to steer the company back to profitability.

Sasini on December 16 announced that full-year net profit through September 2015 will fall by more than 25 per cent compared with Sh1.1 billion a year earlier.

January 4, 2017; http://www.the-star.co.ke/news/2017/01/04/sasini-names-first-assurance-ex-chief-executive-its-new-md-to-turn_c1481668

 

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