FEP Holdings Limited Board Reconstitution

Monday, March 4, 2019

Press Release

FEP Holdings Limited Announces Reconstitution of the Board of Directors

FEP Holdings Limited (FHL) Board of Directors is delighted to announce a reconstitution of its board of directors with the appointment of five new independent directors. The board will be comprised of nine members, four of whom are existing representatives of the shareholding affinity groups representing the founders, society and Levitical groups.

The new appointments culminated from a process of turnaround that begun in mid 2018 which was in line with the new strategic plan that will navigate the organization through a three-year transformation journey. The new three strategy dubbed FEP Mpya, is structured around seven key priorities: strengthen corporate governance at FEP Holdings, maintain efficient operations, improve investment decision-making process, re-invigorate the membership base and ecosystem, develop clear funding and financing strategy, strengthen the FEP brand and uphold an ethical high performance-oriented organization culture.

The board reconstitution process was overseen by the company’s Advisory Council through a Subcommittee under the able chairmanship of Ambassador Dennis Awori, together with a reputable Consultant. The new independent board members are as follows: James Kaguchia, CPA Jane Muthaura, Joel Lemomo Roimen, Catherine Nyaga, Aggrey Baraza Tulula, Solomon Wairiri Waweru, FCPA Nguru Wachira, and Patrick Cheruiyot, Dr John Kithaka.

The new board members bring a wealth of experience in the following areas: Investment Management, Hospitality, Real Estate, Financial Services, Governance, Risk Management, and Insurance.

“All through the process, we focused on bringing on board individuals with the right competencies and experience in our core businesses” said Ambassador Awori

In expressing his satisfaction with the outcome of the exercise, Mr. Joseph Kaguthi,   Chairman of the FEP Advisory Council noted “I am very confident in the new team, they are experts in their specific areas and possess the expertise needed to help FEP achieve its vision in the interest of our shareholders”

James Kaguchia, who was appointed as the new Board Chairman, is currently a Director in Daykio Plantations Ltd & Kenya Orient Insurance Ltd. Previously, he served as a Director in charge of investments in Centum Investments Co Ltd, CEO Kewberg South Africa as well as serving in the Boards of General Motors East Africa, Kenya Wines Agencies Ltd, UAP Insurance Limited, Coca cola Bottlers, Nairobi Airport Services Ltd among others.  James has also worked for General Motors and Toyota. James is highly skilled in the areas of Finance and Investment, Corporate Governance, Turnaround, Real Estate, and Leadership. He holds a bachelors in Commerce – Accounting, from Kenyatta University, a CPA – K, Micro Economics of Competitive Strategy from Strathmore University, and currently pursuing an MBA in USIU.

The new board changes mark a key milestone towards the achievement of the deliverables stipulated in the turnaround strategic journey. Our commitment underscored the strengthening of FHL’s corporate governance and accountability systems through building requisite competencies in investment, performance management, and finance and risk management both at the board and business level.

“I am grateful for the consideration and the leadership honor bestowed to us by the Advisory Council. The FEP vision is clear and the investors are keen and very supportive. As a board, we will work very closely with all the stakeholders and shareholders to deliver the very promise of the FEP vision – Create generational wealth and make the difference to transform our country” James Kaguchia, new board chair.

Sincerely,

Joseph Gaita

Company Secretary

For more information please contact Mwaniki on +254 700 524 232 or mwanikikagwanja.communication@fep-group.com

About FEP

Fountain Enterprise Program (FEP) is an investment company that is committed to transforming individuals and societies through generational wealth creation driven by innovative and sustainable investment models. 

 FEP has a membership of over 200,000 members spread across the 44 counties of Kenya, and 32 diaspora destinations.

FEP has major investment interests in Real Estate, Financial Services, Insurance, and Hotels. Others include Technology, Schools, and Security Services.  :