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Rakesh Rao leaves Crown Paints after 20 years at the helm, in comes Mustafa Turra
Crown Paints Kenya reported a strong financial recovery in the year ended December 31, 2024, with net profit soaring to KSh 544 million from a KSh 29 million loss in 2023, alongside an 8% revenue increase to KSh 13.5 billion. It attributed the turnaround to increased sales volume, improved marketing, cost controls, and a stable Kenyan currency. The company also announced a proposed final dividend of KSh 3.00 per share.
By Eunice WAWUDA
Listed paint manufacturer, Crown Paints, has appointed Mustafa Turra as its new Group Chief Executive Officer, effective October 1, 2025, taking over from the firm’s long-serving head honcho, Rakesh Rao, who leaves the company after two decades at the helm.
Rao’s departure comes barely months after Crown Paints lost 6 senior executives in June amid internal restructuring. Rao had been stripped of his Kenya GM role and until the latest announcement, he was overseeing regional operations only.
Rao leaves the company in a healthy financial position, with Crown Paints (CRWN) stock closing at KES 58.00 on Wednesday, October 1, 2025, a 2.5% decrease from the previous day, and traded at KES 61.75 as of September 30, 2025.
This is after company’s shares hit a 52-week high of KES 62.00 on September 30, 2025. For the year 2024, Crown Paints reported strong financial results, with a KES 787 million operating profit before tax and a net profit of KES 544 million.
The paint maker was the top price gainer at the Nairobi Securities Exchange (NSE) last week. The company’s stock climbed 15.4% to close at KSh 57.00, capping a remarkable run that reflects a robust financial turnaround and renewed investor appetite for consumer and construction-linked counters.
Who is Turra?
Turra joins Crown Paints from Olam Agri Nigeria, where he served as the Vice President and Business Head of Soy Crush Integrated Feed & Protein, leading Sub-Saharan Africa’s largest feed business.
He has over 20 years of experience in the paint Industry leading operations across more than ten countries, building and managing high-performance multicultural teams in fast-paced manufacturing and distribution-led industries.
“The board is happy to welcome Turra to Crown Paints. His global outlook and proven expertise in leading transformational growth will be instrumental as we continue to strengthen our leadership in the paints and coatings industry”, read the statement released by the Board of Directors of Crown Paints Kenya.
The Board also expressed its gratitude to outgoing Group CEO Dr. Rakesh Rao, recognizing his exceptional leadership and significant contribution to the company’s growth during his tenure since 2005.
He brings on board over 20 years of international leadership experience across India, the Middle East, Africa, the Caribbean, and South Asia, with a strong track record in business transformation, growth, and innovation.
He holds an MBA in Strategic Management and Marketing from XLRI Jamshedpur and a Bachelor of Technology in Electrical Engineering from Jamia Millia Islamia, New Delhi.