Bernard Ngugi has exited Kenya Power and Lighting Company as its CEO, after serving the company at the helm for two years.
In his place, Engineer Rosemary Oduor has been appointed in an acting capacity pending the appointment of a substantive CEO. Eng Oduor is the current General Manager, Commercial Services and Sales for Kenya Power.
Ngugi, an accountant by profession took over from former acting MD Engineer Jared Otieno in October 2019.
He was plucked from his position as the head of procurement where he had been serving as the General Manager Supply Chain. Before that, he was the Chief Accountant – Treasury Section.
Kenya Power is 50.1% owned by the Government of Kenya and is the sole retail distributor of power in the country.
The company has been on a downward path regarding its profitability, mostly attributed to corruption and poor management.
Kenya Power reported an unaudited net loss of Ksh2.98 billion in the financial year ended June 2020, as compared to a net profit of Ksh262 million it posted in the year to June in 2019.
The company reported revenues of Ksh133.18 billion, an 18.45 per cent growth compared to Ksh112.43 billion generated in the year ended June 2019.