BOC Kenya, CFC Stanbic chief executives quit

Chief executives of gas maker BOC Kenya and CfC Stanbic Holdings have resigned. In a notice dated January 28 and sent to the Nairobi Securities Exchange (NSE), BOC Kenya announced that Mrs Maria Msiska has resigned effective from January 31, 2016.

The company appointed its current finance director, Mr Arthur Kamau as acting managing director.

“Mrs Msiska’s replacement will be announced in due course upon appointment by the Board of BOC,” said company secretary Ruth Ngobi. “After a distinguished career spanning 22 years with the Linde Group she has decided to pursue interests outside of BOC.”

Oxygen sales

Mrs Msiska was in November 2010 hired from the Africa office of BOC’s parent firm Linde Group, where she was the head of finance. The firm in 2009 withdrew its bid for Carbacid after the Capital Markets Authority opposed the acquisition. Since then, BOC’s sales and profits dipped, with the company facing more competition in areas like oxygen sales.

Recently, BOC announced that its profitability would fall by at least 25 per cent in the current financial year. Listed lender CfC Stanbic also announced the resignation of its chief executive Kitili Mbathi Friday. He has been replaced on a temporary basis by Greg Brackenridge, currently the CEO of the company’s subsidiary CfC Stanbic Bank. “The board of CfC Stanbic Holdings Limited hereby gives notice of the resignation of Mr Kitili Mbathi as the chief executive ... effective January 29, 2016,” the company said in a statement. CfC did not say why Mr Kitili resigned.

The two chief executives join TransCentury’s Dr Gachao Kiuna, who resigned two weeks ago. Also mid-tier bank, Family Bank announced that its chief executive Peter Munyiri will exit in June after expiry of his five-year tenure.