Benson Wairegi, the chief executive officer for Britam has extended his stay in office beyond his retirement date, which was set for December 31, 2020.
The company is yet to announce a new CEO close to two weeks after the date that was announced last year.
Reports by Business Daily indicate that the CEO, who has served the company for 40 years, has extended his stay in office “to offer continuity and smooth transition to a new leader”.
“Mr Wairegi is still in office. At the appropriate time, the board will announce the new CEO,” Business Daily quoted a source.
Wairegi holds a 4.01 percent stake worth Ksh715.7 million in Britam, which allows him to be a board member.
Announcing his retirement in August 2019, Wairegi said that the company had started searching for his successor two years ago, making it unclear why the company has not announced a new CEO.
“The board is seized of the matter. They have actually engaged and started a search for my successor. Whether it’s internal or external (replacement), that’s now for the board to decide. But the process actually began as long as two years ago. That should not worry the market, should not worry anybody. When I leave, there will be that pool of leaders who can take over from me,” he said in August 2019.
Britam which is partly owned by business moguls Peter Munga and Jimnah Mbaru was listed with the Nairobi Securities Exchange (NSE) in July 2011.
Firm like Swiss Re, International Finance Corporation (IFC) and Africinvest also own a substantial stake in Britam.
Britam has interests in insurance, asset management and property development businesses and has spread its wings to Rwanda, Uganda, Malawi, Mozambique and South Sudan.