× Business BUSINESS MOTORING SHIPPING & LOGISTICS DR PESA FINANCIAL STANDARD Digital News Videos Health & Science Lifestyle Opinion Education Columnists Moi Cabinets Arts & Culture Fact Check Podcasts E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified Jobs Games Crosswords Sudoku The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS
×

Intrigues as Geoffrey Wasua replaces Rosemary Oduor at Kenya Power

BUSINESS
By Macharia Kamau | May 19th 2022 | 2 min read
By Macharia Kamau | May 19th 2022
BUSINESS
Kenya Power has appointed Engineer Geoffrey Wasua Muli as acting Managing Director [File]

Kenya Power has replaced Rosemary Oduor as its acting chief executive, eight months into the job in unclear circumstances. She joins a long list of executives who have exited in the position in the recent past.

The power distributor has appointed Mr Geoffrey Wasua Muli as acting managing director (MD). The firm said Ms Oduor had proceeded on her annual leave.

However, sources said she had been replaced over differences with the board on the running of the company. She took over from Bernard Ngugi, who quit abruptly two years into his tenure in August last year.

“We wish to announce to our shareholders that the board of directors… has appointed Eng Geoffrey Wasua Muli as the acting managing director with effect from May 17, 2020 in the place of Eng Rosemary Oduor who was serving in an acting capacity. Eng Oduor is proceeding on a well-deserved annual leave,” said Kenya Power in a statement yesterday.

“Prior to his appointment, he was the acting general manager in charge of regional coordination in the company.”

Ms Oduor served as the general manager for commercial services before she was named acting MD. It is unclear if she will be reassigned. 

This is even as Kenyan Power prepares to replace Mr Ngugi, having started the recruitment process for a substantive MD in January this year.

The company had hired Deloitte Consulting to help it in the search for a new chief executive.

Mr Ngugi exited the firm under unclear circumstances, cutting short his three-year term that was to end in October this year.

His exit meant that Kenya Power had lost its fourth CEO in four years.

Other CEOs who have been helm for short stint include Ken Tarus and Jared Othieno.

Mr Muli takes over amid reforms to streamline Kenya Power and the sector - aimed at bringing down electricity prices.

The firm had embarked on a turnaround plan in 2019 after profit dropped to Sh261 million from Sh3.2 billion a year early before plunging into a Sh939 million loss.

Among the key results of reforms are a return to profitability last year, with the power distributor reporting a net profit of Sh1.5 billion in the year to June 2021, after posting a loss of Sh939 million in 2019.

The more recent reforms that include cutting wastage saw the government deliver a 15 per cent drop in power prices in January this year.

This is expected to drop by another 15 per cent as Kenya Power and the Energy Ministry renegotiate Power Purchase Agreements (PPAs) the firm has signed with Independent Power Producers (IPPs).

Renegotiation of the power contracts is among the major recommendations of the Presidential Taskforce on Review of PPAs, which if fully implemented, are expected to bring about efficiency and a self-sustaining power sector.

The State is implementing recommendations of the taskforce and towards end of last year, declared Kenya Power a special project.

 

Share this story
Auditor General: Poor handover of projects ups waste in counties
Auditor General has raised concern over the unstructured way new regimes take over public offices - exposing taxpayers to losses in unfinished projects.
Safaricom pulls NSE to 20-month low, sheds Sh40b
Safaricom share yesterday shed Sh40 billion to pull the combined wealth of investors at the Nairobi Securities Exchange (NSE) to levels last seen 20 months ago.
.
RECOMMENDED NEWS
Feedback