Peter Njonjo the co-founder of Twiga Foods has quit his positions as a member of the company’s board and as the Chief Executive Officer (CEO) after leading the firm for 10 years.
His exit came barely a month after he announced that he was taking a six-month sabbatical.
This announcement followed a long period of uncertainties in the company including staff layoffs, delayed or lack of payments owed to suppliers, and delayed salaries for employees.
As a result, the company announced a 40 percent cut on its staff last year.
Also Read: CEO Takes Break Months After Mass Firing of Employees
Peter Njonjo Details Reason for Quitting
In his resignation letter dated January 4, Njonjo stated that he was adding very little value to the company after the entry of new investors.
Njonjo has indicated that he will continue to be a supportive shareholder even after his exit from the board and is already considering other opportunities that will take up his time.
Additionally, he has said that his resignation will give room to the new investors to recruit a new CEO to take over after him.
“Currently, the strategic direction and daily operations are now firmly in the hands of Juven and Creadev, and there is very little value I can add from this point on,” he stated in the letter.
Also Read: Peter Njonjo: Harvard Educated Co-Founder and CEO of Twiga Foods
Peter’s Last Words Beter Sabbatical
In his parting remarks as he took his sim month leave, Njonjo stated that he was proud of how much the company had grown adding that it was the leading integrated distributor of fresh produce and FMCG goods in Kenya.
“I am proud of what we have built at Twiga and the impact that Twiga has had through job creation, the reduction of agricultural waste, and ultimately the reduction of food costs for our people,’ noted Njonjo.
Also, he recalled his journey in the firm saying that he joined Twiga with a dream of increasing food security in Africa starting with Kenya.
Additionally, he thanked the Board of Directors for their support and expressed confidence in the ability of Gouault, Momoniat and the rest of the team to drive Twiga’s growth in his absence.
“I have decided to take a break after an intense 2023, from my day-to-day role as CEO to focus on personal matters,” he said.
Earlier, before taking his sabbatical, Njonjo led the close of a $35 million (Sh5.5 billion) funding from the investors, adding onto the $160 million (Sh25.1 billion at current exchange rates) cumulative capital raised since the company began.
The funding enabled the cash strapped Twiga to pay its obligations to vendors it owed and staff.
