Frank Ireri to call it a day at HF Group

HF Group Managing Director ( GMD) Frank Ireri has notified the Board of his intention not to renew his current 4 – year contract that ends in March 2019.

In a letter sent to the capital market’s regulator , the CMA,  Board Chairman Steve Mainda states that the GMD, Frank Ireri notified the board of his intention not to renew his current 4 – year contract, which ends in March 2019.

The letter states in part: “As a board, we respect our GMD’s decision and willingness to serve out his current contract. The Group Managing Director will continue playing his day-to-day role even as we kick-start a recruitment process and will eventually initiate a smooth transition upon identification of a suitable successor.”

The letter adds; “The board’s Nomination & Governance Committee assisted by Mr. Ireri will spearhead the search for a new Group Managing Director. We are confident that due to his early notification there  is adequate time to identify a substantive replacement and facilitate a flawless transition.”

The ten-month leadership transitional framework provides a rare opportunity for the board and shareholders to manage a CEO transition. Safaricom is one of the few Kenyan listed companies to have blazed trail with the exit of Michael Joseph and the appointment of the current CEO Bob Collymore.