News
Kenya Pipeline chairman John Ngumi joins Kenya Airways board
Monday, June 10, 2019 14:24
By PATRICK ALUSHULA
Kenya Pipeline Company (KPC) chairman John Ngumi has been elected to the troubled Kenya Airways #ticker:KQ (KQ) board.
Mr Ngumi was endorsed by shareholders at the 43rd annual general meeting held on Monday, replacing Jason Kapkirwok who has retired.
His entry came even as Chairman Michael Joseph was given three more years to head the airline’s board.
“I thought I had a hot seat until I met KQ boss Sebastian Mikosz,” said Mr Ngumi adding that he expects “tough” decisions to be taken if the airline is to recover from losses.
“I believe in this airline. I have seen it go up and then down and it will go up again. There are hard decisions that need to be taken.”
KPC has fought off graft allegations in the recent past, leading to the exit of Managing Director Joe Sang, with Ngumi insisting that the state corporation is open for public scrutiny.
A seasoned investment banker, Mr Ngumi has had a hand in a web of mega financial deals running in excess of $8.6 billion (Sh860 billion) over the years he spent in the banking sector.
KQ will now have to embark on searching for a new CEO after Mr Mikosz handed in resignation effective December 31, 2019 over personal reasons. Mr Joseph says the outgoing CEO wants to attend to his children’s education.
“I am very disappointed that he is leaving. I knew Sebastian would probably not have renewed his contract anyway because his kids are going for higher education. We have started a search for a new CEO- a seasoned airline executive,” said Mr Joseph.
