This archive report was first published on 29 October 2019.
Kenya Power, the country's power distributor, has appointed Bernard Ngugi as its new CEO, effective immediately.
Ngugi, a 30-year veteran of the company, takes over from Jared Othieno, who has been acting CEO since July last year.
The appointment comes as the power monopoly looks to improve its financial position amid a streak of losses.
Ngugi's appointment is seen as a move to turn around the company's fortunes, which have been affected by high power purchase costs and increased finance costs.
Kenya Power has been struggling financially, with a 63.7 percent decline in net profit to Sh1.92 billion in the year ended June 2018.
The company has been seeking to secure fresh short-term loans to refinance similar debts on a longer tenor, and has opened talks with its creditors to extend the payment period for segments of its loan obligations maturing in the current financial year.
Ngugi has vowed to lead the company towards improved profitability while ensuring the business fulfils its socio-economic purpose.
He plans to implement the company's five-year strategic plan, which aims at delivering excellent customer service and ensuring business sustainability.
