Equity bank chief executive James Mwangi has opted out of the Britam board.

According to the regulatory filing at the Nairobi Securities Exchange (NSE), Mr Mwangi resigned on Monday and was immediately replaced by Mr Walter Andrew Hollas.

“The directors of British-American Investments Company (Kenya) Limited are pleased to announce the following board changes effective from May 18, 2015. Dr James Mwangi has resigned from the directorship of the company. We are thankful to Dr Mwangi for his contribution to Britam during his directorship,” a statement signed by Britam company secretary Nancy Kariuki reads. “Walter Andrew Hollas has been appointed as director of the company.’’

Mr Mwangi, who is among the top shareholders in the firm, leaves at a time when the underwriter is facing a crisis triggered by the recent exit of two of its directors accused of fraud in Mauritius.

No reasons were given for Mr Mwangi exit. He is not linked in any way to the Mauritius fraud nor has there been any claim of wrongdoing on his part.

Mr Dawood Rawat and his nephew Moussa Rawat formally quit last month to disentangle the company from claims of mega fraud that they have been linked to in Mauritius.

Mr Rawat was the global head of British American Insurance – one of the oldest insurance companies in the world registered in Bahamas.

His exit followed a firm declaration by the Mauritius Government that it had taken over all assets owned by the Rawat family over allegations of using one of his companies to run a fake scheme.

The saga saw a new 31.93 per cent retreat in Britam’s share price to Sh20.25. The stake price has since hit Sh22.75.

The director was forced to remove his shares in Britam with his stake standing at 22.34 per cent valued at about Sh13.5 billion.

Britam then revised its books for 2014 a month after they were published, reducing its after tax profit by Sh342 million to about Sh2.5 billion after Mr Rawat’s and his nephew’s resignations.

Last year, the firm was entangled in a vicious multi-billion shilling court fight with the real estate developer, Acorn Group, owned by its former employees.