This archive report was first published on 8 June 2020.
On June 8, 2020, CIC Insurance announced the appointment of Patrick Nyaga as its new CEO, following the departure of Tom Gitogo who cut his contract short in October 2019.
The appointment of Nyaga, who has over 28 years of experience in the Kenyan and East African financial sectors, was approved by the Insurance Regulatory Authority (IRA) and will be effective June 22.
Nyaga has worked for various organizations, including Barclays Bank, KPMG, and the Co-operative Bank of Kenya, where he served as Group Finance and Strategy Director.
According to Japheth Magomere, Chairperson of CIC's board of directors, Nyaga's key strengths include his experience with the co-operative movement, which is CIC's core and primary segment and shareholder.
Magomere stated that the board is tasking Nyaga with leading the operational efficiency charge, with a focus on costs savings, salesforce efficiencies, performance-based reward structures, data analytics, and digitization.
Gitogo left CIC in October 2019, before his contract was set to expire in February 2020. His tenure was marked by a decline in various performance measures, including a 68% drop in market capitalization from Sh25.1 billion in December 2014 to Sh8 billion in October 2019.
