Olympia Capital names new executive directors

Money Markets

Olympia Capital chief executive director Michael Matu. PHOTO | FILE | NATION MEDIA GROUP  Nation Media Group

By BDAfrica.com REPORTER

In Summary

• Group Finance Manager Gladys Kamau-Juma, who is also the acting CEO, named as an executive director.
• Also named as an executive director is Mr Alex Kimani, head of Botswana subsidiary Kalahari Floor Tiles.
• Mr Vincent Opanga, who held a non-executive position, has resigned from the board of directors.

Olympia Capital Holdings has named two new executive directors and notified market regulators of the resignation of yet another board member.

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This continues a wave of recent boardroom activity at the NSE-listed investment company that saw Mr Kenneth Kareithi forced out as chief executive in February this year and Finance Director David Kabeberi resign on April 3.

Following a board meeting Thursday, Olympia Holdings has notified the Capital Markets Authority that Mr Vincent Opanga, who held a non-executive position, has resigned from the board of directors.

READ: Sacked Olympia Capital CEO seeks millions in compensation.

Group Finance Manager Gladys Kamau-Juma, who is also the acting CEO, has been appointed to the board as an executive director alongside Mr Alex Kimani, who heads Botswana subsidiary Kalahari Floor Tiles. The changes were communicated to CMA’s chief executive in a letter from Ms Kamau-Juma dated August 29.

READ: Olympia Capital top investors transfer shares.

The tightly-held firm, controlled largely by the Matu Wamae family, has in recent years faced some wrangling over its strategic direction. Recent regulatory filings show Mr Michael Matu, a former CEO and current deputy chairman, has cut his personal stake in the firm by almost half to 1.7 per cent. He appears to have sold the shares to Mobicom, a company associated with the largest individual shareholder, Mr Paul Ndung’u, who resigned as a director in 2012. Mr Ndung’u has also increased the stake he holds directly to 11.53 per cent from 11.35 per cent