The 83,400-member Stima Sacco is searching for a chief executive officer four months after long-serving Paul Wambua resigned over undisclosed reasons.
Stima Sacco has hired professional consultancy services firm PwC to recruit a new CEO who will take over from Chris Useki who has been holding the position since November last year in an acting capacity.
Mr Wambua, who had served as CEO of Kenya’s second largest sacco, tendered his resignation together with five other managers prompting a reshuffle of top management.
PwC’s announcement in the dailies said the new CEO would be tasked with driving the sacco’s five-year corporate strategic plan launched in 2015 dubbed ‘Project 250 billion.’
The recruitment of a new CEO comes at a time when the sacco has announced plans to raise Sh5 billion though issuance of a corporate bond.
Stima Sacco said it plans to use funds raised from the bond sale to offer long-term loans of between 10 and 15 years at competitive rates, enabling the sacco to fend off growing commercial banks’ foray into their turf following the implementation of the new law that caps loan interest rates at 14.5 per cent.
The sacco’s investment arm has been actively involved in the development of residential properties for its members with future plans to promote home ownership across Kenya.
Mr Wambua is credited with overseeing growth of the sacco’s assets from Sh6.2 billion to Sh23.6 billion with membership growing from 9,737 members to 83,400 following a national drive which involved opening of new branches across Kenya.
By the end of December 2016, the sacco held members’ deposits amounting to Sh18.4 billion with a loan portfolio of Sh21 billion compared to Sh5.3 billion when Mr Wambua took office in 2010.
The sacco also registered an impressive performance in 2016 where it paid Sh1.2 billion in dividends at 11 per cent.
Mr Useki, who joined the sacco in 2002, rose through the ranks from a branch manager to internal auditor, Nairobi branch manager, acting chief finance manager before ascending to the CEO’s position in an acting capacity.
Sacco’s are increasingly under pressure to recruit quality manpower as their sizes and complexity grow, a fact that has increased the payout for top talent.