East African Portland Company seeks new CEO

According to Standard Media, East African Portland Company (EAPCC) is seeking a new CEO to steer it from its current financial mess. The NSE-listed firm has advertised for the positions of chief executive officer (CEO) and chief finance officer (COO) as it aims to return to profitability. 

The country’s second largest cement manufacturer recorded a net loss of Sh531 million for the half-year ending December 2015, compared to a net loss of Sh65.3 million in the same period in 2014. The company has already issued a profit warning.

The advertisement is informed by the pending exit of the current CEO Kephar Tande, whose second and final term comes to an end in November. COO Albert Sigei, who was in line to take over from Tande, resigned, throwing into disarray the firm’s succession plan.“We want a CEO with significant industry experience and financial understanding; one who would could manage a business restructuring and capital injection programme; one who would bring operating discipline, productivity improvements, and a streamlined approach to the company; one who could lead the company and staff to achieve its strategy,” read the advert.

A successful candidate had to have a Bachelor’s degree in Business Management or relevant technical discipline. The new chief finance officer (CFO) is to protect and improve the financial integrity of the company. The CFO will also play a critical role in corporate portfolio management and capital structure management.