Twiga Foods founder Peter Njonjo has left the Twiga Foods board. This comes a month after he resigned as the company’s chief executive officer.
His departure from the board has been revealed by a letter Mr. Njonjo wrote to the board, saying there was little value he could add to the company’s transition.
“At the request of the board after my resignation, I agreed to stay on the Twiga Board and work through a six-month transition that allowed for the recruitment of a new CEO. Currently, the strategic direction and daily operations are now firmly in the hands of Juven and Creadev and there is little value I can add from this point on,” said Njonjo in the letter dated January 4, 2023, that was addressed to Twiga Holdings board chairman Hein Pretorius.
“In this regard, I would like to resign as a Director of Twiga Holdings. As a Founder, I will remain a committed shareholder of Twiga.”
Njonjo confirmed his departure through an interview with local media, in which he said that he had opted to relegate his role to that of a ‘supportive shareholder’.
“I founded the company, so I will always have a strong interest in the success of the business. Twiga just closed a significant round of financing, which I also invested in, and coupled with its significant institutional capability, this puts the organisation in a very strong position,” Njonjo told a local media house.
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“This also allows me to focus on other opportunities that will consume a significant amount of my time in the short to medium term.”
Njonjo said that as the Twiga Foods founder, he invested USD 1 million in the company in August 2023. He further added that he was open to investing an additional USD 1 million once the company attains certain set objectives.
