Britam has appointed Deputy Chairman Mohammed Said Karama as Acting Chairman of the Board of Directors, following the exit of the substantive chairman Andrew Hollas.
This comes at a time the company is experiencing boardroom wars, that have culminated in the exit of CEO Benson Wairegi.
Business Times understands that Hollas opted to retire from the post after major disagreements over the heir to Mr Wairegi.
The boardroom wars between one side of the divide led by Mr Wairegi and Peter Munga pitting new private equity owners, including IFC, Swiss Re and AfricInvest saw the hiring of a new CEO postponed.
Wairegi was supposed to retire on December 31, 2020, but his tenure was extended after the board members failed to reach a consensus on the appointment of a new CEO on time.
The group led by Munga and Wairegi was keen to install one of their own, long serving group finance director, Glady Karuri, to continue with their legacy. However, the Private Equity group wanted to break with the past and install their own.
After much pressure, the Munga-Wairegi group bulged leading to the appointment of Tavaziva Madzinga, but not without casualties as the chairman opted to leave as a sign of protest.
In a statement dated February 2, 2021, the company said that “Hollas retired after attaining the age of 70 in line with corporate governance best practices”.
Karama is a former Partner at PriceWaterhouseCoopers (PWC).
He is a U.S citizen who holds a Bachelor of Science degree from the University of Maryland, and is a Certified Public Accountant and a Certified Government Financial Manager.
He was appointed as a director of the Britam Holdings Plc board on April 25, 2017.
In May 2020, Karama was appointed Deputy Chairman of the Britam board of directors.