Britam CEO to End His 40 Year Term in December

Kevin Namunwa | Aug 25, 2020

Britam chief executive Benson Wairegi is set to leave the company in December ending a four-decade term at the financial services firm.

This will make him the longest serving CEO among firms listed on the Nairobi Securities Exchange (NSE). Wairegi revealed that he will not be seeking a new term when his three-year contract ends in December.

“The board is seized of the matter.

They have actually engaged and started a search for my successor. Whether it’s internal or external (replacement), that’s now for the board to decide. But the process actually began as long as two years ago,” the CEO said.

“That should not worry the market, should not worry anybody. When I leave, there will be that pool of leaders who can take over from me,” he added.

Wairegi says that his plan is to spend time with his family, play golf, and get a break from business. He says that he is in no rush to do anything and will take time to figure out his next step.

He leaves a firm where he controls a 4.01% stake worth Ksh 715.7 million, enough to earn him a board seat.

Among Wairegi’s achievements at Britam; shepherding the listing of the firm at the Nairobi Securities Exchange (NSE) in July 2011, helping its founders, including Jimnah Mbaru and Peter Munga to reduce their stake, earning hundreds of millions of shillings from the disposals.

Wairegi will become the second long-serving top official to step down from executive roles at the Britam in about a year after Stephen Wandera, the former principal executive director, retired after 26 years of service late 2019.

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