By Frankline Sunday
Pan Africa Insurance company has made a change of its top management barely three weeks after announcing a 42 per cent drop in pre-tax profits.
In a letter to the Nairobi Securities Exchange (NSE) dated yesterday, the company announced that its chief executive, Tom Gitogo, had tendered his resignation as director and Chief Executive "to pursue personal interests".
The board of directors has appointed Mr Stephen Kamanda as his successor. Mr Kamanda who was until yesterday the company's general manager, Finance and Administration, now takes over as the interim CEO as the company hunts for a new chief executive.
Pan Africa Insurance Holdings, which is a subsidiary of South African insurer Sanlam, recently stated that investment returns had fallen by 59 per cent to 221 million shillings in the period ending June 2014, leading to a decline in pre-tax profits to 495 million shillings.
Source: Standard Media
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