Businesses & Financial News

UAP Holdings CEO resigns under unclear circumstances

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By Steve Umidha

The Board of Directors of UAP Holdings PLC today announced that Peter Mwangi, the CEO of its Nairobi-publicly trading Group has resigned to pursue new interests, with effect from 14th April 2020.

Mwangi, who has led the East African business for five years, will be succeeded from 15 April 2020 by Arthur Oginga who currently serves as the Chief Operating Officer for Old Mutual Africa and over the last two years has been the Acting Chief Financial Officer for UAP Old Mutual based in Nairobi.

The firm had in November last year announced a 25 percent drop in profit for the year ending 31 December 2019 due to a weak property market in Kenya and  the then uncertain political environment in South Sudan.

However, the board expects year on year improvements in underwriting margins and results from operations reflecting good progress in turning around the core insurance business.

The board in the same month announced the appointed of Richard Treagus and Shailesh Devchad as non-executive directors with effect from 13th November 2019.

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