Will board changes save cement makers
The struggles at cement manufacturers are claiming board seats as resignations hit Athi River Mining and Bamburi Cement.
Bamburi Cement owned by French conglomerate LafargeHolcim has announced the resignation of Jose Cantillana as a director of the company and Thibault Dornon as an alternative to Olivier Guitton both of who have resigned.
Pierre Delaplanque has joined the regional cement maker has had a lot of board restructuring that has seen Seddiq Hassani appointed as the new managing director this year subsequently joining the board.
Nicolas George, also with LafargeHolcim, has been appointed to the board and will head the firm’s subsidiary in Uganda.
The NSE listed firm announced that its net profit for the year to December 2017 has dropped by Sh3.9 billion to Sh1.97 billion due to lower sales in the Kenyan market.
Athi River Mining has also had a fair share of board restructuring this year after long-serving Chairman Rick Ashley left the board and was subsequently replaced by Konstantin Makarov.
ARM has since lost Ketso Gordham and Pepe Maijer after British development investment firm CDC sought to replace them with turnaround directors, Sofia Bianchi and Rohit Anand.
In April this year ARM also lost its company secretary Ramesh Vora who has now been replaced by John Maonga.
ARM has fallen further into the red posting a Sh6.9 billion loss in 2017 from a loss of Sh3.1 billion in 2016.
