Troubled Microfinance institution, Real People has appointed the third CEO in two years time. The company linked to South Africa’s Real People has named Dr. Robert Lukhanda Shibutse as the new CEO with effect from 18th December 2019. He replaces Charl Hendrik Kocks who held the position for less than an year.
Mr. Charl Hendrik was appointed CEO at the start of 2019, as a replacement for Yvonne Godo. Yvonne served as CEO of Real People for only two years.
In addition to the frequent changes in the executive position, the company has had several changes in the board of management in the last five years. In 2017, board members Albert J.K. Ruturi and Nthenya Mule resigned and were replaced by Arumugam Padachie and Ben (Bernardus) H. Pieters.
Real People is a financial institution that lends mainly to small and medium sized enterprises in Kenya. In August 2015, the company issued Kshs. 1.63 billion bond to investors. It has been struggling to pay back the debt and in August this year, the firm sought an extension to paying its bondholders for the third time.
The microfinance institution is in search of an investor who will acquire the company and settle the outstanding debt.