This archive report was first published on 16 July 2019.
July 16, 2019 - In a surprise move, Bidco Africa CEO Thiagarajan Ramamurthy has retired from his position, effective immediately.
According to sources, Ramamurthy, popularly known as TRM, had been at the helm of the fast-moving-consumer-goods manufacturer for two years, following a decade-long stint as the public face of struggling retailer Nakumatt.
During his tenure at Nakumatt, Ramamurthy was an evangelist for the new face of Kenya's burgeoning retail space, representing the company in multiple media and conference appearances.
However, his departure from Nakumatt in April 2017 was met with a management shake-up aimed at enhancing the retailer's performance.
Now, as Bidco Africa CEO, Ramamurthy's exit has sparked speculation about his departure, with some sources suggesting he may have been pushed out.
Executive Chairman Vimal Shah has announced that Ramamurthy has voluntarily retired as Group CEO and from the board, citing the company's restructuring efforts as a reason for the changes.
Shah stated, 'On behalf of the Bidco family and the board, I would like to thank Thiagarajan Ramamurthy (TRM) for his valued leadership and significant contributions in the last two years as we announce his retirement from the Board of Directors of Bidco upon attaining the retirement age of 70 and we also accept his voluntary retirement as the Group CEO of Bidco Africa Ltd.'
