Friday, March 29, 2024

Kipng’etich replaces Tumbo as Jubilee CEO

Jubilee Holdings chief executive officer Patrick Tumbo has resigned. Tumbo had served as the top chief for 10 years.

His resignation was announced by the Jubilee Holdings board on Thursday.

The board further annoinced that Tumbo will be replaced by Jubilee Holdings regional chief executive Julius Kipng’etich on an interim basis.

Kipng'etich replaces Tumbo as Jubilee CEO
Julius Kipng’etich.

“The board expresses its appreciation to him for his service and dedication to the organisation,” said Jubilee Insurance chairman Nizar Juma in a statement.

Mr Juma said Mr Phillip Kimani the chief finance officer – Kenya, will be the principal officer for now.

Mr Tumbo joined the insurer in 2008 as general manager- general insurance business division and was later elevated to the corner office and principal officer.

In 2015, Mr Tumbo was named CEO of the year in Africa during the 42nd Conference and General Assembly of Africa Insurance Organisation (AIO) held in Tunisia.

Kipng’etich was the former chief executive officer at Uchumi Supermarket.

The board also announced that the insurer will split into three separate units – Medical Insurance, Life Insurance and General Insurance before the end of the year, with each having its own CEO.

This is subject to regulatory approval.
Jubilee Holdings, the parent company of Jubilee Insurance also announced Mr Ali Rawji, the group chief finance officer as the new group chief operating officer.

Mr Rawji has more than 30 years of management experience in financial services.

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