East African Portland Cement Company (EAPCC) has appointed Mr Stephen Kyalo Nthei has acting Managing Director for the company with effect from 20th May 2019.
Nthei replaces Simon Peter Ole Nkeri who was sacked by the company’s board on Monday.
Nthei, a Certified Public Accountant, has over 20 years’ working experience in diverse sectors and institutions including Ernst & Young, Central Bank of Kenya and Kenya Petroleum Refineries.
He holds a Bachelor of Commerce Degree (accounting option, first class) and an Executive Master’s Degree in Business Administration. He also attended the Advanced Management Programme at Strathmore Business School.
Nthei who joined the Company in April 2007 and has served in various roles, including as Head of Internal Audit and later as Head of Financial Management faces an uphill task in reengineering the performance of the cash strapped company.
The firm, which is grappling with a Sh10.8 billion debt, posted a Sh1.26 billion loss for the half year to December last year.
The NSE listed company faces increased competition from new entrants that are determined to increase their market share.
As at December 2018, Kenya National Bureau of Statistics put Bamburi’s market share at 33 per cent followed by Mombasa Cement at 16 per cent, East African Portland Cement Company at 15 per cent and Savannah Cement 15 per cent.