HF boss Frank Ireri to exit in 2019

HF boss Frank Ireri to exit in 2019

Long serving HF Group managing director Frank Ireiri is set to exit the financial services firm in March 2019.

Mr Ireri, who was appointed managing director in July 2006, has told the HF board of his plans not to seek a contract extension at the end of his current term.

The notice gives the firm at least 10 months to begin the search for his replacement.

In a letter to the Capital Markets Authority, HF Group chairman Steve Mainda said Mr Ireri would continue carrying out the day to day running of the firm.

The board has further tasked the outgoing group MD to be part of the team recruiting his successor to ease the transition.

“The board’s nomination and governance committee assisted by Mr Ireri will spearhead the search for a new Group Managing Director. We are confident that due to his early notification there is adequate time to identify a substantive replacement and facilitate a flawless transition,” Mr Mainda said.

He is currently serving his fourth term at the lender having been elevated to group MD in 2015.

It was however not immediately clear why he had opted not to extend his tenure.

HF Group posted an 86 percent drop in profitability in 2017 to Sh126.2 million from Sh905.3 million a year earlier.

The performance was attributed to slow growth of interest income as the traditional mortgage lender struggled to grow its loan book.

The group was also hit by a slowdown in the real estate sector due to the prolonged election.

HF has been growing its banking subsidiary HFC to diversify income.

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