Mr Stephen Wandera. FILE PHOTO | NMG
A top Britam Group executive, Stephen
Wandera, has retired, ending his 26-year stay at the
diversified financial services company where he has served in different roles.
diversified financial services company where he has served in different roles.
The
firm announced on Friday that Mr Wandera, who was the principal
executive director, retired having attained the mandatory retirement age
of 60 years. Mr Wandera has been overseeing the group’s business in
Kenya and the international division of six countries.
His
contract in this capacity commenced in January 2007. He joined Britam
on August 1, 1993 as a business development manager and rose through the
ranks to become the principal executive director.
“Stephen
has been a key member of the leadership team that has steered the
growth of Britam from a small life insurance company based in Kenya to a
leading diversified financial services company operating in several
countries in the East, Central and Southern African region”, said Group
Managing Director Benson Wairegi.
Britam did not
disclose who will replace him in this role. Another key executive
Margaret Kathanga, who was serving as general insurance chief executive
and principal officer quit in October after serving the firm for 13
years.
Mr Wandera will retain the role of a board member in some of the
subsidiaries in the group meaning he will still be useful to the
insurer even in retirement.
In the financial year
ended December 2018, Mr Wandera earned a total of Sh40.9 million from
Britam made up of Sh39.78 million in salaries and allowances and
non-cash benefits of Sh1.2 million.
Last year, Britam
Group posted a Sh2.2 billion net loss following a Sh3.2 billion hit on
its equity investment. However, the half year performance for 2019
reflected a major recovery with net profit jumping 71 percent.
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