East African Cables Plc has announced the appointment of former Ambassador Dennis Awori as the Chairman of the Company.
In a notice on August 24, East African Cables announced that Awori will assume the role which has been vacant since the death of former Kenya Revenue Authority (KRA) Commissioner General and East African Cables Board Chairman Michael Waweru.
The company highlighted that Awori, the former Ambassador of the Republic of Kenya to Japan and Korea, joined its Board in 2023, adding that he has vast experience in various sectors.
“The Board of East African Cables Plc is pleased to announce the appointment of Amb. Dennis Awori as the Chairman of the Company,” read part of the notice.
“Amb Awori joined the Board of East African Cables Pic in 2013 and has vast experience in the motor industry, manufacturing, business, diplomacy (having been an Ambassador of The Republic of Kenya to Japan and Korea), and sports making him a truly multifaceted transformational leader.”
The new chairman currently sits in various boards including CFAD Kenya Limited (a wholly owned subsidiary of Toyota Tsusho Corporation) and CFAO Mobility Kenya Limited among others. He is also the chairman of Carbacid Investments Plc, and Bank of Africa Kenya Limited.
New East African Cables Chairman
Awori holds a Bachelor of Science (BSc.) degree in Aeronautical Engineering from the University of Manchester in the United Kingdom (UK).
“The Board is confident that through his stewardship, the company will gain immensely from his expansive experience and wealth of knowledge,” added East African Cables.
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Awori’s appointment comes following the death of former KRA Commissioner General Michael Waweru who was serving as the East African Cables Board Chairman until his death.
Waweru passed away on Friday, July 5, 2024, according to a statement by the company which did not reveal the cause of his death.
The former KRA boss had served at company as chairman for seven years since his appointment in June 2017.
“He was not only a visionary leader but one with unwavering dedication, insightful guidance, with a pioneering spirit that laid the foundation for the Group’s success.
“Throughout his tenure, Dr. M. G. Waweru’s contributions were immeasurable, and his legacy will forever be etched in the history of our company and in our hearts,” the company stated.
Waweru Mourned
At the same time, the company eulogized Waweru as a great leader with years of experience that led to the growth of the organization.
“Under his leadership, East African Cables benefitted from his immense experience especially in strengthening of systems and structures,” added the statement.
In addition, the organization celebrated his witty nature that lightened the air even during difficult times.
“We remember Dr. Waweru for his wit and ability to keep everyone engaged even during challenging times,” added the statement.
Also Read: Kenyan Company Sells Ksh16.2 million Shares in Tanzania Amid Debts
His death came months after the Kenyan company announced that it had reached an agreement to sell a majority stake of Ksh16.2 million shares of its subsidiary based in Tanzania.
EAC Plc announced the sale in a March 6, 2024, statement noting that it had sold majority stake of its East African Cables (Tanzania) Limited (EAC Tanzania) subsidiary to Msufini (T) Limited.
“The completion of the transaction is subject to, inter alia, the approval of the Capital Markets Authority of Kenya, and the validation of other relevant financial and regulatory authorities, as well as approval by shareholders,” read part of the statement.
This move would see EAC Plc relinquish its Ksh16,218,000 ordinary shares with a nominal value of Tsh10 to the Tanzanian based company.
According to the company, the strategic transaction was aimed at substantially cutting down its debt by extinguishing the subsidiary’s debt.
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