HOUSING FINANCE Group Managing Director Frank Ireri has notified the Board of his intention not to renew his current 4 – year contract that ends in March 2019.
In a letter sent to the capital market’s regulator , the CMA, Board Chairman Steve Mainda states that Ireri notified the board of his intention not to renew his current 4 – year contract, which ends in March 2019.
The letter states in part: “As a board, we respect our GMD’s decision and willingness to serve out his current contract. The Group Managing Director will continue playing his day-to-day role even as we kick-start a recruitment process and will eventually initiate a smooth transition upon identification of a suitable successor.”
The letter adds; “The board’s Nomination & Governance Committee assisted by Mr. Ireri will spearhead the search for a new Group Managing Director. We are confident that due to his early notification there is adequate time to identify a substantive replacement and facilitate a flawless transition.”
The ten-month leadership transitional framework provides a rare opportunity for the board and shareholders to manage a CEO transition.
For feedback and comments, email email@example.com
DO NOT FORGET TO CLICK THE SHARE BUTTON