Vivo Energy Kenya has issued a statement claiming that its Managing Director Joe Muganda has resigned, something we suspect not to be true.
According to the statement, Joe Muganda is to be replaced by place Peter Murungi who will take up his new role on December 1, 2019.
We suspect that Joe Muganda has resigned as he was not able to understand the business which needs close handling and management by a seasoned professional well experienced in the energy sector. Joe couldn’t crack it as a professional and might have left the ownership with nothing but to fire him as he couldn’t deliver.
AN MD is always the lead business development professional in an organisation. If you can’t sell oil, you can’t properly manage an oil marketer.
The company did not, however, state the reason Muganda has left.
Muganda was appointed Vivo Energy MD in December 2017 following the exit of Polycarp Igathe who joined politics to become the Nairobi deputy governor. He assumed the role on February 1, 2018, months after resigning from the Nation Media Group (NMG).
At NMG, pundits argued that Joe Muganda couldn’t properly handle the business too and with Kenyan corporates acting like a cartel and never firing the incompetent, his exit was called a resignation. NMG by portfolio is a much larger entity than Vivo Energy Kenya.
Joe Muganda found NMG market capitalisation at over Ksh 7.3 billion but left when the value of the company had dropped by almost half to Ksh 3.5 billion. Joe Muganda came from BAT where he was under the regulatory affairs before moving to EABL where he found working structures and not much to properly manage and prove his competence.
Meanwhile, Peter Murungi has worked for Vivo Energy and Shell since 2007, most recently leading the Vivo Energy Group’s implementation of a new Enterprise Resource Planning system.
He joined Shell Kenya in 2007 where he worked as a depot manager in both Nairobi and Mombasa. In 2011 he transferred to Vivo Energy’s operations in Namibia, initially as supply and distribution manager, before becoming supply and marketing manager in 2013.
He holds an MBA as well as a Bachelor of Science degree in Mechanical Engineering from the University of Nairobi. He is a member of the Chartered Institute of Purchasing and Supply UK.