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Former CIC CEO Tom Gitogo Sells His 11 Million Shares In The Company

Tom Gitongo
Tom Gitongo. [PHOTO/ COURTESY]

Former CIC Insurance CEO Mr Tom Gitongo has sold his 11 million shares in the company worth Ksh23.6 million.

According to reports by Business Daily, Gitongo sold his shares in August 2020, close to a year after he resigned in October 2019.

When he resigned, Mr Gitongo was paid Ksh154.4 million, Ksh76.3 million being gratuity which was calculated at 31 percent of the annual basic pay for each year worked.

While in office, Mr Gitongo received a monthly salary of Ksh6.1 million and cumulative allowances amounting to Ksh22.8 million for his last nine months at the helm.

Read: Patrick Nyaga Appointed CIC Insurance CEO

His contract was to end in February 2020, but he decided to leave earlier without giving reasons.

CIC Insurance Group recorded a net loss of Ksh335.5 million for the six months ended June 30, 2020, compared to net profit of Ksh20.9 million over a similar period in 2019.

The regional underwriter, with subsidiaries offering life, general insurance and asset management services, made a pre-tax loss of Ksh286. 5 million from a pre-tax profit of Ksh146.3 million in the first half of 2019.

Co-op Bank owns a 24.8 percent stake in the insurer.

The exit of Mt Gitongo leaves Nelson Kuria, another former CEO of the company, as one of the largest individual shareholder with 14.2 million shares worth Ksh30.7 million.

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Written by Francis Muli

Senior reporter at Kahawa Tungu, Muli has a passion for human interest stories. Believes in unearthing societal rots that have been hidden from the public eye.
Follow me on Twitter @FmuliKE. Email francis@kahawatungu.com

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