, NAIROBI, Kenya, May 28 – KenolKobil has appointed James Mathenge the new board chairman effective May 24.
Mathenge replaces KenolKobil CEO Jacob Segman as chairman.
Mathenge has served as a member of the Board of Directors since 2008, before his new appointment.
In a statement, Segman said Mathenge comes with a wealth of experience from the energy sector particularly the oil industry where he previously served as the Managing Director and Country Chairman of Caltex Oil Kenya Limited between 1998 to 2003.
Before joining Caltex Kenya, he worked at Magadi Soda Company as the Managing Director from 2003 to 2010.
“He successfully led the team through various achievements that saw the company grow to be the second largest soda ash business in the world. From his key achievements Mathenge together with his team set up a $150 million expansion project that led to significant improvement of earnings, growth in production and sales,” the CEO said.
Mathenge holds a Bachelors degree in Economics and Masters in Economics both from the University of Nairobi.
Segman said the new change is one of the company’s restructuring programmes aimed at enhancing good governance and improve the firm’s business which has been in troubles in the recent months.
In 2012 KenolKobil made a loss of Sh6.3 billion from a net profit of Sh3.3 billion in 2011.
The appointment comes approximately two months after KenolKobil lost a deal with world’s largest energy firm, Puma Energy which would have been used as its major growth strategy.
The oil marketer is now pursuing an alternative investor.