Masinde Muliro University of Science and Technology Chancellor Peter Muthoka has exited the board of UAP Holdings, ending a nearly six-year stint as an independent non-executive director.
The insurer announced his exit at the annual general meeting held last Friday after Mr Muthoka, alongside Paul Truyens, retired and did not offer themselves for re-election.
The decision brings to an end his stay on UAP board, having joined in 2013. However, he will still retain a connection with the insurer via its subsidiaries.
The businessman, who once served as managing director of Nairobi Securities Exchange-listed Sasini Tea #ticker:SASN, is still the chairman of Faulu Microfinance Bank and the UAP Old Mutual Foundation. Mr Muthoka previously served as chairman of KCB Group #ticker:KCB.
The exit of Mr Muthoka and Mr Truyens comes after that of Peter De Beyer who resigned in May last year. The remaining independent executive directors include Susan Omanga, Michael Harper, Robert Mbugua and Vincent Rague.
Last year, he earned Sh2.53 million from the insurer made up of a Sh2.05 million retainer, Sh200,000 board sitting allowance, Sh160,000 from remuneration committee and Sh120,000 corporate governance and nominations committee.
He leaves UAP after a tumultuous year that saw the insurer post a Sh518 million loss, the first in about a decade.
The loss for the financial year ended December 2018 was a 166 percent decline in performance from the Sh608 million profit that was reported in the previous financial year.
The company had to write off Sh400 million bond and deposits in troubled ARM Cement and Tanzania’s Bank M.
Both ARM Cement and Bank M were placed under administration in August last year over debts and critical liquidity problems.
UAP has operations in several markets in the region including Tanzania, where it had deposits in Bank M.