Uchumi supermarket CEO Julius Kipngetich has resigned just two years after he was appointed to take charge of the struggling retailer.
According to a public announcement made by the Uchumi’s board of directors, Kipngetich has resigned to pursue personal interests.
“The board has accepted with reluctance the resignation of Kipngetich with effect November 30 to pursue interests,” Chairperson Catherine Ngahu said in a statement on Wednesday.
The board has said that it’s in the process of identifying a suitable successor but until then CFO Mohamed Ahmed Mohamed will take charge in acting capacity.
The one-time giant retail has been struggling to make a turn around since it was put under receivership in June 2006 over a debt of Sh3 billion. The receivership ended on March 4, 2010, after most of the company’s debts were cleared and others converted into shares and Uchumi resumed trading on the Nairobi Securities Exchange on May 31, 2011.
Before he joined Uchumi, Kipngetich served as Equity Group Holdings Limited Chief Operating Officer from October 2012 to September 2015.
He is currently a member of the Standard Group and he’s allegedly geared to take over as CEO following the resignation of Sam Shollei in August.