In a letter sent to the Capital Markets Authority, board chairman Steve Mainda states that Ireri notified the board of his intention not to renew his current 4 -year contract, which ends in March 2019
Housing Finance Group managing director Frank Ireri has made open his plans to exit the group in 10 months' time.
In a letter sent to the Capital Markets Authority, board chairman Steve Mainda states that Ireri notified the board of his intention not to renew his current 4 -year contract, which ends in March 2019.
The letter states in part: "As a board, we respect our GMD’s decision and willingness to serve out his current contract."
"The Group Managing Director will continue playing his day-to-day role even as we kick-start a recruitment process and will eventually initiate a smooth transition upon identification of a suitable successor."
Moving forward, the board’s Nomination and Governance Committee, assisted by Ireri, will spearhead the search for a new group managing director.
The ten-month leadership transitional framework provides a rare opportunity for the board and shareholders to manage a CEO transition.