Mr Frank Ireri, Housing Finance’s Group managing director, has notified the board of his intention to not extend his four-year contract which ends next year in March.
Ireri was appointed the managing director of HF Group, a housing finance institution listed on the Nairobi Securities Exchange (NSE), on July 2006. In 2015, Ireri was promoted to group managing director.
According to the board, Ireri will continue to carry out his role as the Group Managing Director while assisting the board’s nomination and governance committee to search for someone to replace him when his contract ends.
“As a board, we respect our GMD’s decision and willingness to serve out his contract. We are confident that due to his notifying the board early, there is adequate time to identify a substantive replacement and facilitate a flawless transition.” the notice reads in part.
HF Group posted an 86 percent decline in profit from Sh905.3 million in 2016 to Sh126.2 million in 2017. The company blamed slow growth of the real estate sector during the election period and the slow growth of its loan book.
