Nkeri sacked from MD position at Portland cement

0
1088
Simon Peter ole Nkeri
Simon Peter ole Nkeri. PHOTO/COURTESY

Simon Peter ole Nkeri has been relieved of all duties as East African Portland Cement Company’s (EAPCC) Managing Director as a culmination of a meeting held last week by the company’s board. Prior to the announcement, Mr. Nkeri had been put on compulsory leave since February 18, 2019.

According to a news report by the Business Daily, the decision was informed by the board’s strategy to orchestrate the revival of the broke cement manufacturer.

“The board resolved to release Simon Peter Nkeri from his duty as the Managing Director,” Portland’s board is quoted as saying by the Business Daily.

The Business Daily similarly reports that termination of Nkeri’s contract was made known to staff via an internal memo sent to the employees on Monday.

Stephen Kyalo Nthei, Portland’s long serving Human Resource Officer has been named by the firm’s board as the individual who will replace Nkeri albeit on an acting capacity.

With new entrants such as Rai and Savannah gaining access to the Kenyan market, Portland has been struggling to maintain its foothold in the cement manufacturing sector. The Business Daily reports that Portland’s sales in 2018 dropped by 55 per cent to Ksh. 1.37 billion. Similarly, Portland’s sales in the full year to June 2016 stood at Sh8.8 billion, but dropped to Sh5.1 billion in 12 months to last June.

The cement manufacturer is currently looking for a cash injection of Ksh. 17 billion from investors to revive its operations which have been disabled after years of losses. The board has been considering selling off non-core assets like land to inject fresh capital into the loss making entity.

ALSO READ: Jubilee, Oxford Press announce new appointments

LEAVE A REPLY

Please enter your comment!
Please enter your name here