Mugo Kibati joins Pan Africa Holdings as Chief Executive
By GEORGE NGIGI, gngigi@ke.nationmedia.com http://www.businessdailyafrica.com/Corporate-News
- The company has been searching for a chief executive after Tom Gitogo resigned to join CIC Insurance in September last year.
Former Vision 2030 director Mugo Kibati has been appointed Group Chief Executive Officer of Pan Africa Insurance Holdings Ltd. He his currently the chairman of Lake Turkana Wind Power (LTWP) project, which has won the African Renewables
Deal of the Year 2014 after it successfully structured Sh70 billion
financing. http://www.businessdailyafrica.com/Lake-Turkana-wind-project-wins-deal/-/539552/2635528/-/hdd6yl/-/index.html
The position is new to the company which has a life assurance business, general insurance arm - Pan Africa Securities and an asset management subsidiary.
Pan Africa also confirmed Stephen Kamanda as the chief executive of its assurance business.
The company has been searching for a chief executive after Tom Gitogo resigned to join CIC Insurance in September last year.
Mr Kibati previously served as managing director of East African Cables
before he was appointed by the government to head the Vision 2030
secretariat. He holds a degree in electrical engineering, a masters
degree in international business and a masters degree in technology and
policy.
Last week Pan Africa announced issued a profit
warning which has seen its share price at the Nairobi Securities
Exchange drop by 9.3 per cent in the last five trading sessions.
- The insurer said that gains from the NSE last year were lower compared to 2013, which was further compounded by reduced deals in the property market.
- Analysts said the performance is representative of the insurance industry whose results are influenced by NSE’s.
- Pan Africa’s net profit grew 31 per cent to Sh295.5 million in 2013 and the profit alert means it will post earnings below Sh221 million.
The insurer attributed the drop in profits to lower
gains in the equities market compared to 2013 and reduced deals in the
property market.
