Mwangi, who is also the Equity Group CEO has been replaced by Walter Andrew Hollas, a former Senior Partner and CEO at PriceWaterhouseCoopers.
Mwangi however, still retains his shareholding stake in the company.
“This is purely a voluntary move, agreed mutually with Britam Board of Directors to help us further minimise conflict of interest risks, as Britam, has recently enhanced its shareholding in banking services provider HF,” Britam Group Managing Director Benson Wairegi said while confirming the changes.
Hollas is a former PwC Senior Partner and was responsible for PricewaterhouseCoopers East, Central and West Africa operations. He is a Fellow of the Institute of Chartered Accountants in England and Wales, a member of the UK Institute of Directors, and a member of the Institute of Certified Public Accountants of Kenya.
The leadership of Britam, recently approved a raft of strategic initiatives for the firm meant to guide its growth agenda for the next five years.
This followed drastic measures in the listed firm including the Government of Mauritius taking over 23.9 percent shareholding in Britam held by struggling Mauritian businessman, Dawood Rawat.
The purchase of Rawat’s shareholding at Britam was being undertaken to secure the interests of local and international shareholders. Rawat’s shares were held under British-American (Kenya) Holdings Limited.
Britam’s Chairman Francis Muthaura maintained that Kenya has not been affected by the Mauritian Government’s purge against Rawat’s interests, as he did not hold a controlling stake.
The firm has maintained that despite the changes, the group’s property strategy was on course, as evidenced by the ongoing construction of the 31-storey iconic Britam Tower in Nairobi.
The building, to be developed at a cost of Sh7billion is projected to be the tallest building in Kenya and the third tallest in Africa.