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The Nairobian

East Africa Portland shops for new CEO

News

By Dominic Omondi | Jun 15, 2016

The East Africa Portland Cement in this undated photo. PHOTO: COURTESY

East African Portland Company (EAPCC) is now hunting for a new CEO to steer it from its current financial mess.

In a notice published in yesterday’s dailies, the NSE-listed firm advertised for the positions of chief executive officer (CEO) and chief finance officer (COO) as it aims to bounce back to profitability.

It has not been the best of times for the country’s second largest cement manufacturer, which recorded a net loss of Sh531 million for the half year ending December 2015, compared to a net loss of Sh65.3 million in a similar period in 2014.

Profit warning

Already, the company has issued a profit warning even as it struggles to find its footing. The advertisement is informed by the pending exit of the current CEO Kephar Tande, whose second and final term comes to an end in November.

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The chief operations Officer Albert Sigei, who was at the pole position to take over from Tande, resigned, throwing into disarray the firm’s succession plan.

“We want a CEO with significant industry experience and financial understanding; one who would could manage a business restructuring and capital injection programme; one who would bring operating discipline, productivity improvements, and a streamlined approach to the company; one who could lead the company and staff to achieve its strategy,” read the advert.

A successful candidate had to have a Bachelor’s degree in Business Management or relevant technical discipline.
The company is also looking for a chief finance officer (CFO) who will protect and improve the financial integrity of the company.

The CFO will also play a critical role in corporate portfolio management and capital structure management.