NAIROBI, Kenya, Oct 26 – Uchumi Supermarket has appointed John Karani as an Interim Chairman of the Board.
This follows the retirement of Catherine Ngahu as Chairperson after her three-year term expired and she opted not to continue for a further term.
A substantive chairman will be appointed in due course.
“The board acknowledges contribution Ngahu has had in the company especially in identifying a potential investor,” said Chief Executive Mohammed Mohammed.
Ngahu has spearheaded the retail chain’s ongoing recovery strategy that includes cost management, franchising and going digital.
The struggling retailer is yet to conclude talks with investors as it seeks Sh5 billion to get back to profitability.
Earlier, Mohammed had indicated the recovery plan, which includes franchising model, digital strategies as well as the sale of assets, had begun bearing tangible results.
The Supermarket chain has closed over two dozen branches due to rent arrears and low stock volumes,
The company had a negative capital position of Sh4.68 billion as at the end of April 2018.