Unga Group has parted ways with managing director Joseph Chuji after nearly two-and-a-half years and has turned to an insider to take over an acting role amid a drive to return to profitability.
The Nairobi Stock Exchange-listed company announced on Wednesday that Mr Choji, who joined in December 2021, exited on May 31 and the knowledgeable board selected James Nyoto to be acting managing director with effect from June 4, 2024.
Mr. Nyoto is the Chief Financial Officer and ICT of Unga Group and its subsidiaries, having joined the company in February 2013.
Unga has been struggling to emerge from a loss-making position since 2021 when it recorded a net profit of Sh293.48 million.
In the last financial year ending June 2023, the company recorded a net loss of Sh959.38 million. In the previous corresponding period, it incurred a loss of Sh311.36 million.
“He (Mr. Nyoto) is a management professional with over 20 years of experience. He will provide strategic oversight of the group's operations and general management functions,” said Isabella Ochola Wilson, Unga's Chairman of the Board of Directors.
“He brings extensive experience in the manufacturing sector and a proven track record of success that will be crucial in guiding Onga through this transition,” she added.
Mr. Nyoto holds an MBA from Edinburgh Business School, Heriot-Watt University, and a Bachelor of Commerce from the University of Nairobi.
Onga in November 2022 restructured its operations in a cost-cutting move that gave Chuji additional roles to manage two subsidiaries that were initially under other executives.
The changes saw Unga part ways with Andanje Mwairumba, the then Managing Director of Unga Limited while Dickson Jawichre, who was Managing Director of Unga Farm Care, also exited.