Financial services provider UAP Old Mutual Group has announced changes in its Board of Directors following the retirement of long-serving chairman and director Dr. Joseph Barrage Wanjui.
Dr. Wanjui, one of Kenya’s most renowned business leaders and investors, stepped down as Chairman of the UAP Old Mutual Group Board of Directors effective June 22, 2021.
The board subsequently named Mr. Vincent Rague, who has served as an Independent Non-Executive Director at UAP Old Mutual since June 2018, to take over as Chairman.
The company says Dr. Wanjui’s retirement is in line with the company’s succession plan and corporate governance practices.
“Dr. Wanjui has imparted immense value to the Company in his nine years he served as director. As he steps down, he leaves UAP Old Mutual Group in the strongest position possible to achieve its goal of transforming lives and enhancing value to customers and other stakeholders. We record our greatest appreciation to the outgoing chairman for his contribution to the leadership of the Company during his tenure,” said the company in a statement.
Dr. Wanjui has been instrumental in the growth of UAP Old Mutual Group across East Africa and its expanding continental footprint.
Mr. Rague, who takes the helm of the Board, is a renowned investment banker and public policy advisor, and has previously worked at the National Treasury, the International Finance Corporation and the World Bank. He is a co-founder of Catalyst Principal Partners, a Nairobi-based private equity fund, and serves as chairman at FSD Africa and JamboJet.
Mr. Rague holds a Masters in Business Administration (MBA) degree from Darden Business School in University of Virginia and is a graduate of the Executive Development Program at Harvard Business School.
UAP Old Mutual Group is a diversified financial services firm comprising Old Mutual, UAP Insurance and Faulu Microfinance Bank.
The firm has 1.2 million customers across Kenya, Uganda, Tanzania, Rwanda and South Sudan.