- Some CEOs departed amidst financial challenges plaguing their respective companies, while others found themselves entangled in scandals
- A few chief executives exited discreetly, having reached amicable agreements with their employers to pursue other interests
- Rebecca Mbithi served as Family Bank's CEO from 2019 to November 2023 and was replaced by Nancy Njau
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TUKO.co.ke journalist Japhet Ruto brings over eight years of experience in financial, business, and technology reporting, offering deep insights into Kenyan and global economic trends.
In 2023, several top chief executive officers (CEOs), from leading and well-established companies decided to step down from their positions.
The reasons for their departures varied, with some opting to explore new ventures or opportunities, while others were compelled to leave under less-than-ideal circumstances.
Among these CEOs, some departed amidst financial challenges plaguing their respective companies, while others found themselves entangled in scandals or legal issues leading to arrests.
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Additionally, a few CEOs exited discreetly, having reached amicable agreements with their employers. The year witnessed a noteworthy shift in leadership within the corporate landscape as prominent figures made significant career changes.
Which Kenyan CEOs quit their positions?
1. Githii Mburu
Kenya Revenue Authority (KRA) Commissioner General Githii Mburu resigned from his plum position at the helm of the authority in February 2023 to pursue personal interests.
"The board appreciates Mr Mburu for the service he has rendered to KRA and the Republic of Kenya and wishes him very well in his future endeavours," the board's communique stated in part.
In August 2023, President William Ruto appointed Humphrey Wattanga Mulongo as the new KRA commissioner general.
Wattanga took over from Risper Simiyu who was serving in an acting capacity.
According to Citizen Digital, KRA commissioner general takes home between KSh 1.2 million to KSh 2 million monthly.
2. Abubakar Abdullahi
In March 2023, TV47's chief executive officer Abubakar Abdullahi left the media house.
In a statement, the journalist celebrated his input in the rapid growth of the media house in competing with established companies.
A copy of the letter seen by TUKO.co.ke read in part:
"When I took over the leadership of the company we deeply love, I made a commitment that we will fight for our spot in Kenya's competitive media landscape.
I have, for personal reasons, decided to leave the company and pursue other interests," he wrote.
3. Why KEBs fired Bernard Njiraini
President William Ruto suspended former Kenya Bureau of Standards (KEBS) managing director Bernard Njiraini following the suspected release of contaminated sugar to the market.
KEBS board selected Esther Ngari to take over from Njiraini in an acting capacity on Thursday, May 18, 2023.
Ngari was later confirmed for the position fully in October 2023 by Trade Cabinet Secretary Rebecca Miano.
KEBs MD earns between KSh 500,000 to KSh 750,000 according to a circular by the Salaries and Remuneration Commission (SRC).
4. Rebecca Mbithi
Rebecca Mbithi served as Family Bank's CEO from 2019 to November 2023.
Her tenure saw significant growth in Family Bank's assets, nearly doubling between 2019 and 2023, and a robust loan book, increasing by over 40%.
She was replaced by Nancy Njau.
"We are pleased to announce a change in our top leadership. Our deepest gratitude goes to Rebecca Mbithi for her exceptional stewardship, and our heartfelt congratulations to Nancy as she takes up the new role," Family Bank stated.
5. Orlando Lyomu
Orlando Lyomu left the Standard Media Group in July 2023 amid financial challenges that faced the company.
The media house posted back-to-back losses and its journalists went over six months without pay.
His exit came after a board meeting that sealed his fate at the helm of the struggling media house.
The company recorded a KSh 865 million net loss in the 2022 financial year and KSh 102.9 million in the first half of 2023.
Which parastal CEOs were fired?
Besides Njiraini, Ruto fired many top management officers in government parastatals linked to corruption scandals since he took the oath of office.
Among them was Fredrick Mwamwati who was the CEO at Tanathi Water Works Development Agency.
In May 2023, Ruto ordered the suspension of Kenya Medical Supplies Authority (KEMSA) CEO Terry Ramadhani.
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