NAIROBI, Kenya, Jan 21 – LImuru Tea PLC Chief Executive Nicholaos Yiannakis has resigned from his position in the company one and a half years since his appointment.
To replace Yiannakis, Limuru Tea has appointed Gerradina Johanna Marria Ten Den.
Yiannakis resignation comes in the wake decreased revenue for the firm.
In the 2017 full year results, the firm sunk deeper in the red posting an after-tax loss of Sh22.1 million from a Sh19 million loss the previous year.
The tea sector has however been on a negative trend due to depressed tea prices.
In 2018 both Williamson Tea Kenya and Kapchorua Tea sunk into half-year losses for the period to September 30, 2018 attributable to depressed tea prices and high operating expenses.