29 November 2012

Kenya: Kengen CEO to Leave After Kibaki Retires

Eddy Njoroge one of President Kibaki's lieutenants tasked with reforming key parastatals in 2003 is stepping down.

Njoroge has cut short his term, two years ahead of the expiry date of March 2015, with an announcement at a shareholders annual General Meeting yesterday that he will be leaving in June just three months after the elections.

In a telling statement on his exit, Njoroge said "On 4th March 2013, I will exercise my democratic right and vote for new leaders across this great nation and on 26th March 2013 I will have worked as the CEO of this great company for 10 years." Njoroge's exit coincides with President Kibaki's end of term in office.

Apart from Njoroge at Kengen others KIbaki associates appointed to key positions in 2002 were George Muhoho who has since retired as Kenya Airports Authority chief executive, Professor Nick Wanjohi who is currentl President KIbaki's private secretary became the Jomo Kenyatta University vice chancellor while Joe Wanjui was appointed Nairobi University Chancellor

"Two days ago I turned 60 years old and I have paused in reflection" Njoroge said. On the sidelines of the AGM Njoroge said that he had promised himself to stop working at the age of 60 and rest without taking up any executive roles in organisations.

The KenGen board of directors had extended Njoroge's term at the helm of the organization by five years in December 2010 on account of his remarkable performance record.

He has served for eight years at Kengen during which it conducted a successful IPO and installed capacity of 780 megawatts, 78 per cent of which was hydro power increased to 1232MW presently. Planned projects are set to boost this to 1750mw by 2015.

Njororge is leading the company in implement its long-term strategy dubbed "The Good- to-Great Transformation Strategy," with a target of adding 2000mwby 2018 estimated to cost five billion dollars (425 billion shillings).

KenGen pioneered the largest public infrastructure bond offer at NSE raising a staggering Sh26 billion for investment into the infrastructure projects.

"I am proud of our journey thus far and have every faith in KenGen's capacity to trail blaze the development of Kenya's energy sector," Njoroge said. "On Dec 31st 2012 we will come to the end of our horizon 1 development plan and begin horizon 2 which will see the installed capacity increase to 3000 MW by 2018".

He said the search for his replacement will begin in earnest in January to initially become designate chief executive ready to take over from July.

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