Britam Scraps Nine Executive Management Roles In Cost-cutting Measures

Britam Holdings has wiped off nine top executive positions and now will operate with a leaner team consisting of 11 managers.

Managers who held the positions that have been scrapped off are expected to leave at the end of the month, even as the new management looks to reduce operating costs by cutting off unnecessary positions.

Among the positions that will no longer exist at Britam include principal executive director, chief of staff, group chief operating officer, corporate affairs director, commercial director, and actuary and product development manager.

The position of the director of asset management unit has also been scrapped, and the unit will now be under corporate business and headed by a chief investments officer.

Business Daily reports that the chief executive roles for the insurer’s life, general and micro-insurance businesses have been eliminated and the managers redeployed.

“Under the new leaner structure, the company’s executive team will comprise eleven Directors after dropping 9 positions. Britam has retained six key executives, with new mandates, from the previous executive team, appointed one new executive member on promotion whilst announcing a new appointee, who was externally sourced. The company is also currently in the process filling the vacant roles,” said Britam in a statement.

Read: Britam Announces Job Cuts As It Seeks To Restructure

Among those shown the door include Gladys Karuri, Edward Kuria, Jack Maina, Muthoga Ngera, Kenneth Kaniu and Betty Mwangi.

Former CEO for life assurance Ambrose Dabani has been spared and will now head retail department, while former acting chief general insurance Jackson Theuri has been retained as the director corporate.

Saurabh Sharma, former head of the micro-insurance division is now director of emerging consumer business.

Others who retained their roles include James Maitho (group human resources), Carol Misiko (risk and compliance) and Kennedy Aosa (international business).

Eva Kimani will be the director of partnerships and digital while Charles Kimani is the new finance director.

The insurer is set to cut at least 138 jobs by end of May at a cost of up to Ksh700 million.

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