- Kenya Power CEO resigns
- Kenya Power has suffered continuous losses in recent years
- No word on the reason for the resignation
Embattled Chief Executive Officer (CEO) Kenya Power, Bernard Ngugi, has resigned. His resignation comes after a heated Board session on Tuesday. Ngugi has served as the CEO for almost two years following his appointment in October 2019.
The Chairperson of the Board of Kenya Power, Vivienne Yeda, confirmed the resignation in a statement. The Board also appointed Rosemary Oduor to take over the leadership mantle.
“We wish to inform our shareholders that the Board of Directors, exercising their powers given under Article 113 of the Articles of Association of the Kenya Power and Lighting Company Plc, have appointed Eng. Rosemary Oduor as the Acting Managing Director and Chief Executive Officer of the company with effect from August 4, 2021, following the resignation of Mr Bernard Ngugi,” the statement read.
“The Board of Directors would like to assure all of Kenya Power’s stakeholders that our priority remains the successful implementation of the growth strategy in order to place the company firmly on the path towards sustainable profitability.” the statement continued.
The Board did not give reasons for Ngugi’s resignation. Kenya Power has reported losses of Sh939 million in June 2020, from a profit of Sh262 million made the previous year. The company attributes the losses to declining revenues, adverse effects of COVID-19, among other operational and commercial challenges.