A top Britam Group #ticker:BRIT executive, Stephen Wandera, has retired, ending his 26-year stay at the diversified financial services company where he has served in different roles.
The firm announced on Friday that Mr Wandera, who was the principal executive director, retired having attained the mandatory retirement age of 60 years. Mr Wandera has been overseeing the group’s business in Kenya and the international division of six countries.
His contract in this capacity commenced in January 2007. He joined Britam on August 1, 1993 as a business development manager and rose through the ranks to become the principal executive director.
“Stephen has been a key member of the leadership team that has steered the growth of Britam from a small life insurance company based in Kenya to a leading diversified financial services company operating in several countries in the East, Central and Southern African region”, said Group Managing Director Benson Wairegi.
Britam did not disclose who will replace him in this role. Another key executive Margaret Kathanga, who was serving as general insurance chief executive and principal officer quit in October after serving the firm for 13 years.
Mr Wandera will retain the role of a board member in some of the subsidiaries in the group meaning he will still be useful to the insurer even in retirement.
In the financial year ended December 2018, Mr Wandera earned a total of Sh40.9 million from Britam made up of Sh39.78 million in salaries and allowances and non-cash benefits of Sh1.2 million.
Last year, Britam Group posted a Sh2.2 billion net loss following a Sh3.2 billion hit on its equity investment. However, the half year performance for 2019 reflected a major recovery with net profit jumping 71 percent.