Corporate News
Mr Peter Arina. PHOTO | EAC
By RAWLINGS OTINI, rotini@ke.nationmedia.com
Posted Monday, September 28 2015 at 12:29
Posted Monday, September 28 2015 at 12:29
In Summary
- “The board is confident with this appointment, the company has both the leadership and the staff to build on its existing strengths,” the listed cables maker said in a statement.
The East African Cables has hired a former Safaricom executive as its new CEO to replace George Mwangi who is set to leave office on September 30, 2015.
Peter Arina is a former chief commercial
officer and general manager for consumer business at Safaricom. He had
also worked at Unilever East Africa as a brand manager.
“The board is confident with this
appointment, the company has both the leadership and the staff to build
on its existing strengths,” the listed cables maker said in a
statement.
Also read: Company CEOs feel the heat as profits slump
Mr Mwangi communicated his resignation to the board of directors at a meeting held in July.
“Mr George Chege Mwangi… tabled
his resignation and the board resolved that the said resignation be and
is hereby approved and accepted,” the board said in a statement sent to
the Nairobi Securities Exchange (NSE).
EAC’s net profit declined 14.3
per cent to Sh341.1 million in the year ended December as the cost of
sales rose faster than revenue, which increased 13.2 per cent to Sh5
billion.
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