Eveready appoints three new directors amid shareholder changes
Friday May 19 2023
Eveready East Africa has appointed three new directors to replace those who resigned recently as a new unnamed investor takes a stake in the loss-making entity.
The Nairobi Securities Exchange-listed firm said it has appointed Maurice Nduranu, Wilfred Ole Saroni and Faith Mwaura to its board effective May 10, 2023.
Read: Eveready assets wiped out by years of losses
They replaced Lucy Waithaka, Fauzia Shah and Akif Hamid Butt who resigned on the same day.
Mr Nduranu was also appointed as chairman of the company, a role that was previously held by Mrs Waithaka.
Ms Shah and Mr Butt were representing the interest of Sameer Group, a major shareholder of Eveready.
It was not immediately clear whether the new directors had also been appointed by Sameer or were nominated by the strategic investor.
Mr Nduranu, who has served on the board of power producer KenGen, is also currently the chairman of pension administrator CPF Financial Services Limited.
The changes come as Eveready says it has a new strategic investor whose details it is yet to give.
“The company now has a new strategic investor who will put in place measures to improve the company’s financial performance while leveraging on the strong household brand and long-term heritage,” the company said when announcing its results for the half year ended March.
Read: Eveready East Africa most expensive stock on NSEx
Eveready said the investor will leverage its networks to assist the company roll out a turnaround strategy and support its future growth.