Nairobi — After almost 10 years at the helm of energy firm Kenya Electricity Generating Company (KenGen), Managing Director Eddy Njoroge has resigned.
He joined the power generator in 2003 and was to end his contract with the company in 2015, after the Board of Directors extended his contract by five years in 2010.
Njoroge gave his resignation speech on Wednesday at KenGen's Annual General Meeting and said after serving the company for nearly a decade, this was the fitting time to step down.
"I believe that 10 years is sufficient time for one to make a difference in an institution. Yes, KenGen has had its challenges but as some of you know, I thrive on challenges particularly when they are of service to the nation. Although my exit will bring about a change in leadership, I am pleased to let you know that we are well prepared for transition," he noted.
Under Njoroge's leadership, KenGen has launched the world's largest single Geothermal Project - Olkaria 280MW as well as issued a Public Infrastructure Bond Offer at the Nairobi Securities Exchange raising a staggering Sh26 billion, as some accomplishments.
In the coming months, Njoroge said he would devote himself towards ensuring a smooth transition and work with the company to secure a new chief executive.
"I have over the past two years deliberately mentored and given the Executive Directors a lot of responsibility while still bearing ultimate accountability for their actions and I can proudly stand here today and share that they are trained to make decisions without fearing the consequences," he explained.
Njoroge's last working day will be June 30, 2013, with his successor to take over on July 1, 2013.
"I will therefore not be sitting on this side of the table next year but will be sitting with you as a shareholder and asking the difficult questions," he told his fellow shareholders.
KenGen posted a 36 percent growth in its net profit to Sh2.82 billion for the financial year ending June 2012.
Njoroge is also the chairman of Telkom Kenya as well as the Nairobi Securities Exchange.