, NAIROBI, Kenya, Feb 25 – Mugo Kibati is now the new Pan Africa Insurance Holdings Group CEO.
He takes over from Tom Gitogo who quit after a six-year tenure. Gitogo has since been appointed CIC Insurance CEO.
“The Board of Directors of Pan Africa Insurance Holdings is pleased to announce the appointment of Mr Mugo Kibati as the new Group CEO,” Pan Africa Chairman John Simba said.
Kibati who was the former Vision 2030 Director General retired from the position in October 2013 to head back to the private sector.
Apart from Vision 2030, Kibati has also served as an Electrical Engineer at Bamburi Cement, Technical Marketing Manager at Lucent Technologies in the United States and CEO of East African Cables.
“This appointment has been made after rigorous recruitment exercise that sought to identify a leader to provide the necessary impetus to continue our growth and diversification,” Simba added.
The appointment comes a few days after the listed firm issued a warning of a 25 percent drop in 2014 net profits.
The company attributed the decrease in profits compared to 2013 to lower earnings from property sales, which declined in 2014 compared to the year before.
Pan Africa which is controlled by South African insurer Sanlam, said their earnings have also been affected by “unrealised mark-to-market gains on equity investments.”