Three members of Kenya Power's board resigned on May 31, 2022, as the state-owned utility continues its restructuring efforts. The departures include Elizabeth Rogo, Abdulrazaq Ali, and Caroline Kittony-Waiyaki, who were appointed two years ago to lead the company's turnaround.
The resignations follow the appointment of Geoffrey Waswa Muli as acting managing director, replacing Rosemary Oduor, who had served in the role since August 2021. Oduor succeeded Bernard Ngugi, who resigned in 2021 after four years of leadership marked by financial struggles and boardroom conflicts.
Ngugi's tenure ended amid pressure from shareholders over the utility's turnaround plans, following a streak of losses. He had taken over from Jared Othieno, who served as acting CEO since July 2018 after Ken Tarus was charged with economic crimes and abuse of office. Tarus and his predecessor, Ben Chumo, denied the allegations.
Kenya Power is implementing cost-cutting measures, including potential job reductions, to offset revenue losses from a 15% electricity price cut in January. The government is also seeking to renegotiate fixed charges in power contracts with generating companies.
The utility reported a 27-fold increase in net profit for the six months ending December 2021, reaching Sh3.81 billion, driven by higher sales and lower operating costs. It received an Sh86.95 billion state loan from international lenders in March 2022 to support its financial stability, though the exact allocation to the company remains undisclosed.
