In the history of Kenya Airways (KQ) Isaac Omolo Okero is crowned as a man whose leadership transformed the airline to one of the most successful in Africa.
Born in 1931, in Ulumbi, Nyanza, Okero had a rich education background with top degrees from leading institutions including Makerere University college in Uganda, University of Bombay and Leiden and Middle Temple, London.
The Alliance High School alumnus’ career in the public service kick-started in 1963, serving as the Deputy Public Prosecutor, a role he undertook for two years before being appointed Commander-General of Customs and Excise, East African Community.
He later joined politics serving as a Member of Parliament for Gem constituency from 1969 to 1979.
During that time, Okero also served as Minister for Health (1969-1973), Minister for Power and Communications (1973-1977) and Minister for Information and Broadcasting (1978-1979).
He joined KQ as Chairman in 1996, replacing the late Phillip Ndegwa. Media reports have it that he was first appointed to the Kenya Airways board in 1991.
Okero was a major player in the privatisation process that saw the government reduce its stake in the carrier to 23 percent.
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Royal KLM airlines a flag carrier of the Netherlands acquired 26 percent of KQ. Most of the remaining stock ended up at the Nairobi Stock Exchange (NSE) in a play aided by the International Finance Corporation, private sector arm of the World Bank.
Under his leadership, Okero was hailed for his significant contributions in turning KQ from a loss-making firm to a profitable company.
Notably in 2005, the national carrier reportedly raked in a historic ksh5.5billion profit pre-tax, and ranked among the top earners at the NSE that year.
The airline’s impressive performance attracted a lot of investors who wanted a stake in the first-ever privatised airline in Africa.
On August 3, 2005, the Kenya Airways stock was traded heavily, with 449,903 shares traded. The share price rose from Ksh3.50 to Ksh 70, translating to a Ksh1.6 billion increase in value.
The carrier was in 2006 named the ‘African Airline of the Year’ Award for 2005, for the fifth time in seven years, indicating a good run of the company which later returned to a loss-making Carrier.
In July 2020, KQ’s shares at the NSE were suspended in a government’s plan to privatise the loss-making carrier.
The government of Kenya owns a 48.9 per cent stake in Kenya Airways while Air France-KLM has 7.8 percent. The rest is owned by private owners and banks.
