Uchumi CEO Julius Kipngetich Abruptly Resigns after 2 years on the Job

Julius Kipngetich, the CEO of struggling retailer Uchumi Supermarkets has abruptly resigned after just two years on the job. The retail chain did not give a reason for Kipngetich’s departure.

“The board has accepted with reluctance, the resignation of Chief Executive Julius Kipngetich, with effect from 30th November 2017.” the company said in a statement.

Kipngetich will be replaced by Chief Finance Officer, Mr Mohamed Ahmed Mohamed in acting capacity. The company has not provided any detail on the timing of the recruitment process for the role.

Mr Kipngetich’s shock departure will slow the turnaround of the retailer according to a number of retail analysts. When he was appointed, he had pledged to return Uchumi to its 2012-level glory.

Kipngetich only joined Uchumi as chief executive in November 2015, replacing Jonathan Ciano, who was fired for alleged gross misconduct and negligence.

Share Price;

Uchumi Supermarkets Share Price as of Dec 6 2017 – 1318 EAT

Uchumi Supermarket’s Share Price took fell 9.30% following the news of Kipngetich’s resignation.