This archive report was first published on 16 July 2019.
On July 16, 2019, Bidco Africa Group announced the retirement of its CEO, Thiagarajan Ramamurthy, after two years at the helm of the company.
According to a statement by Vimal Shah, the executive chairman of Bidco Africa, Ramamurthy had opted to leave the company after attaining the retirement age of 70.
‘We announce his retirement from the board of directors of Bidco upon attaining the retirement age of 70,’ Shah said.
Shah also thanked Ramamurthy for his valued leadership and significant contribution to the company during his tenure.
Ramamurthy, a former CEO of Nakumatt, took over as Bidco Africa Group CEO in April 2017, marking the first time the Shah family, who own the consumer goods manufacturer, had ceded leadership to a non-family member.
During his tenure, Ramamurthy was credited with spearheading Nakumatt’s expansion into regional markets in Uganda, Tanzania, and Rwanda.
However, Nakumatt has since closed down several branches due to mounting debt distress.
