East African Portland Cement Company (EAPCC) has hired Stephen Kyalo Nthei as managing director in acting capacity, a role that will be a key part of the firm’s realization of its turnaround efforts in the medium term plan.
The Head of Financial Management replaces Simon Peter ole Nkeri who has been sacked following a board meeting held on May 17, according to a memo sent to staff on Monday, the Business Daily reported.
“The board resolved to release Simon Peter Nkeri for his duty as the managing director,” said the memo.
Kyalo joined the cement maker on 1st April 2007.
The cash-strapped East African Portland Cement Company issued a profit warning for its full-year earnings compared to the year ended 30th June 2018 attributed to increased input prices, a sluggish market as well as production challenges.
“Despite the depressed results, the Board remains confident in realization of its turnaround efforts and takes cognizance of Government support in concretizing initiatives in sourcing for working capital. The Company is further reorganizing its strategy and structure to re-engineer the business in order to improve performance, cost rationalization, and efficiency. This is geared towards reduction of the high Finance and Administrative costs and stabilization of the value chain processes in order to enhance efficiency and ultimately the Company’s competitive position,” said the firm in its unaudited results for the six months period ended 31st December 2018.
Nkeri succeeded Kephar Tande in August 2016. He has worked for Barclays Banke Kenya as the Head of Commercial Services. His other corporate experience includes stints at the Capital Markets Authority where he was at one time the acting CEO and the National Social Security Fund where he was the General Manager (Operations).