Long-serving ARM Cement chief executive Pradeep Paunrana has been ousted in a management shake-up of the troubled company orchestrated by UK sovereign wealth fund CDC Group. CDC, which owns a 42% stake in the troubled Nairobi Securities Exchange (NSE)-listed cement maker, has also made other key boardroom changes that will see businessman Linus Gitahi take over as chairman.
The management and board changes are seen as CDC’s bid to have a tighter grip on ARM’s operations that have remained in control of the Paunrana family, which founded the manufacturer. The company has in recent months announced changes in its executive suite, further isolating the Paunranas who still hold significant shares in the business.
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