By Centum Investment Company Plc said on Monday that Dr. James Mworia has stepped down as Group Chief Executive Officer and Managing Director, with Thomas Omondi-Acholi appointed acting Group CEO with immediate effect.
The Nairobi-based investment firm, which trades on the Nairobi Securities Exchange, said the leadership change was announced pursuant to Regulation 64 and Part D of Kenya’s Capital Markets (Public Offers, Listing and Disclosures) Regulations, 2023.
Mworia is transitioning to become the founding Chief Executive Officer of the National Infrastructure Fund (NIF), Centum’s board of directors said in the announcement, describing the move as part of the group’s corporate succession plan.
Omondi-Acholi, who currently serves as Group Chief Operating Officer and Partner for Portfolio Operations at Centum Capital Partners, will take over leadership duties immediately, the company said.
Centum’s board said Mworia’s departure marks the end of nearly 18 years of leadership, during which he oversaw the company’s evolution from a local investment firm into what the board described as East Africa’s premier diversified investment platform.
According to the company, total assets under Mworia’s stewardship grew tenfold, from 4 billion Kenyan shillings in 2008 to approximately 46 billion shillings currently. Centum said it also eliminated its holding company debt, having retired 20 billion shillings in total group debt, including 16 billion shillings at the Centum Plc level.
The company said this was achieved without requiring additional equity, through the creation and repositioning of flagship strategic subsidiaries including Vipingo Development, Pearl Marina and the Two Rivers International Finance and Innovation Centre (TRIFIC) Special Economic Zone. Centum said it has delivered approximately 5.8 billion shillings in cumulative declared and approved dividends to shareholders over the period.
The board pointed to the company’s recent exit from Sidian Bank, the oversubscribed TRIFIC i-REIT, and the divestment from Nabo Capital as recent milestones in that record.
Omondi-Acholi has more than 25 years of senior executive leadership and strategic transformation experience, Centum said. He has been Centum’s Group Chief Operating Officer and Partner for Portfolio Operations since 2018, a role in which the company said he oversaw strategy development, turnarounds, value creation and capital exits across more than 15 investee companies.
Before joining Centum, Omondi-Acholi served as Chief Transformation Officer at Sidian Bank, where Centum said he drove a turnaround to a $4 million profit position within 18 months, a period that led to the bank’s recent exit. He currently sits on several boards, including Longhorn Publishers Plc, Nabo Capital, Jafari Credit, Tribus Solutions Group, Tier Data and Greenblade Growers, according to the announcement.
Omondi-Acholi spent more than 13 years at Kenya Airways in senior positions, Centum said, including Chief Transformation Officer, Director of Strategy and Performance Management, Acting Chief Commercial Officer, General Manager of JamboJet, Head of Operations Control, and Head of HR Business Partners and Head of IT Development.
He holds a Bachelor of Science degree in Mathematics and a Master of Business Administration in Finance from the University of Nairobi, as well as an MBA in General Management from IESE Business School in Spain, Centum said.
He has also attended executive development programs at the University of London, University of Pretoria, Rolls Royce and General Electric, and is a Certified Information Systems Auditor and a RIKA Fellow, according to the company.
Centum’s board said it extended its deepest gratitude to Mworia for what it called a legendary era of service, adding that his move to the National Infrastructure Fund reflected his standing leadership credentials.
The board said it was confident in Omondi-Acholi’s appointment, citing his experience leading portfolio operations and major strategic turnarounds across the company’s investee companies as evidence of the operational depth, governance experience and strategic vision required to maintain momentum at the group.
The company said the announcement was issued with the approval of Kenya’s Capital Markets Authority pursuant to the Capital Markets (Securities) (Public Offers and Disclosures) Regulations, 2023, as amended.
Centum noted that, as a matter of policy, the Capital Markets Authority assumes no responsibility for the correctness of statements contained in the announcement.
Centum Investment Company Plc is listed on the Nairobi Securities Exchange and describes itself as a diversified investment firm with holdings spanning real estate, financial services and other sectors across East Africa.
