COMEBACK?

Uchumi picks two new directors

In Summary

• The supermarket hopes to make a comeback after loss-making streak.

• Baiju Shah and Fred Rabongo will be independent non-executive directors.

Uchumi Supermarket along Aga Khan Walk in Nairobi, February 20, 2017./ENOS TECHE
Uchumi Supermarket along Aga Khan Walk in Nairobi, February 20, 2017./ENOS TECHE

Listed retailer Uchumi Supermarkets has announced two new appointments to its board after Capital Markets Authority cleared their names.

Baiju Shah and Fred Rabongo will be independent non-executive directors tasked with working a turn-around for the embattled retailer.

Shah is a technology and financial systems expert with vast experience in retail and technology business sectors, while Rabongo is a corporate business strategist with a background in advertising, marketing, outsourcing and business development.

In a statement to newsrooms, the board of directors said their appointments were effective from the February 26.

“The board takes this opportunity to welcome the new directors and is looking forward to drawing from their respective experiences and expertise in steering Uchumi forward,” the statement read in part. The retailer has so far shut down 30 outlets as its cash woes continue to bite.

Last year, the board put in place a financial restructuring team whose mandate was to identify and advise on options available to settle debts owed to creditors or restructure the companies liabilities and present a proposal before creditors in a timely manner.

The retailer, headed by John Karani, is expected to announce the results of a financial audit that began in January by March 21.