HF Group Plc has appointed Robert Kibaara the new chief executive officer to replace Frank Ireri who has led the mortgage focused lender for thirteen years.
The appointment comes at a time when
the listed lender's fortunes have been on a decline
Last month, the firm
issued profit warning that their 2018 earnings will be lower
compared to 2017 after posting a 9-month loss, citing
tough operating circumstances that led to a decline in interest income.
Last year, the lender reported a Sh126.22 million after-tax profit , representing an 86.07 per cent slide from the previous Sh905.83 million.
Chairman Steve Mainda said the appointment is critical as it comes at a time
the lender is embarking on a turnaround strategy focused on full service banking, with investment in digital and retail banking.
Kibaara joins HF from NIC Bank where he served as the director for retail banking.
Prior to his tenure at NIC Bank, Kibaara who has 24 years of banking experience worked at National Bank of Kenya, Standard Chartered Bank and Barclays Bank of Kenya.
He holds a Bachelor’s Degree in Banking and Finance a Post Graduate Diploma from the Chartered Institute of Marketing.
