Britam has named Tavaziva Madzinga as the new Group CEO, replacing Benson Wairegi who retires on January 31.
Business Times can confirm that the reasons the Britam CEO has taken time is because of boardroom wars between the current owners, the so called Murang’a Group, led by Benson Wairegi and Peter Munga on one side and the new Private Equity Owners, including IFC, Swiss Re and AfricInvest on the other side.
The Murang’a group 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, successfully accomplishing their mission.
The new Group CEO, Mr Tavaziva Madzinga, popularly known as Tava, is Swiss Re’s Managing Director and Country President for the UK, having previously been responsible for the Middle East and Africa region.
He joined Swiss Re on November 1, 2016 from Old Mutual where he held a number of senior positions, including Regional CEO Southern and East Africa, COO for Rest of Africa, and CEO West Africa. He is a qualified Actuary and a Fellow of the Institute of Actuaries (FIA) and the Actuarial Society of South Africa (FASSA). He has also completed management courses at INSEAD Business School in France and Harvard in the United States of America.
It is noteworthy that Swiss RE, which partly owns Britam has installed one of their own, marking a break with the past.
Our sources at the regulatory authority, which declined to be quoted, informed us that there will be significant changes in the board with the Private Equity owners taking charge of the Company.
Business Times is reliably informed that the current Britam chairman, Andrew Hollas, is also set to leave alongside the group CEO Wairegi.