Kareithi who will also continue serving as CEO of Mather &Platt Kenya – an Olympia Capital subsidiary – takes over from the long serving CEO Michael Matu.
The changes in the management and the board were made during a board meeting on Tuesday, which also led to the creation of a deputy chairman position to be taken up by Matu.
Speaking at a press conference, Matu said the changes are in line with the company’s growth strategies.
“I have been the CEO at Olympia Capital for the last 17 years. I have today been appointed Deputy Chairman and we have also appointed Mr Ken Kareithi as the CEO and we believe some changes are for the benefit of any company, “said Matu.
The changes in the management comes as the board also announces plan to fully acquire Mather&Platt Kenya which it has a 51 percent ownership.
Matu said this comes after the retirement of the former Mather&Platt Managing Director David Kireri in July this year and who owned 30 percent of the shares.
“We have six shareholders, the largest of them being the former Managing Director who owns about 30 percent of the business and remaining shareholders share the rest. We got board approval to commence discussions with them and we are positive that majority of the minority shareholders will accept a buyout, “said Matu.
Olympia Capital Holdings which is listed at the Nairobi Securities Exchanged focuses on manufacturing of building materials and home improvement goods such as aluminum window frames, rubber products, curtains and food processing.
The company acquired the 51 percent of Mather&Platt in 2008 which is involved in fire and mechanical engineering contracting company as well as distributors of pumps.
Other firms owned by Olympia holdings include Dunlop Kenya Limited; the largest manufacturer of vinyl floor tiles and vinyl sheeting in East & Central Africa and Kalahari Floor Tiles; the largest manufacturer of vinyl floor tiles and vinyl sheeting in Southern Africa and headquartered in Gaberone, Botswana.