Mumias Sugar CEO sent on compulsory leave
Mumias Sugar CEO Patrick Chebosi’s has been sent home on compulsory leave. Its barely seven months since he assured the mandate in that position. The ex-Chief Security Officer Isaac Sheunda has been given the role at an acting capacity.
The reason for this move still remains unclear. Prior to his appointment as the CEO, he served as the Agriculture Manager then left to head Kwale sugar industries then came back as CEO in 2018.
In other developments, Dalmus Wala has been appointed as the Risk Management Officer in acting position.
The board chair confirmed these changes mentioning that they are aimed at streamlining operations at the cash struck company.
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“It will no longer be business as usual where the company is crushing cane and farmers are not being paid for the cane delivered and a few individuals pocket the money meant to ensure the company is revived fully. We want to streamline operations at the company making changes in key departments where there is a serious mess following the audit we carried out recently. Our focus in the next six months is to make the company profitable by increasing its efficiency,” said Dr Ngumbau (Board Chairman).
In its financial statement, the company had announced a net loss of Ksh 6.8 billion in the financial year ended June 30, 2017 against Ksh 4.8 billion made in 2016.
At the moment, the company is trading its shares at Ksh 0.58 at the Nairobi Stock Exchange being an improvement by Ksh 0.01 from price of Ksh 0.57 per share.