Twiga Group CEO Peter Njonjo speaks to journalists during a past event.
Agritech firm Twiga Foods CEO Peter Njonjo has proceeded on a six-month leave just weeks after the firm bagged a new round of funding whose value remains undisclosed, adding onto the $160 million (Sh24.5 billion in current exchange rates) cumulative capital that the firm has raised since its inception in 2014.
In a public notice on Thursday, the firm said that Mr Njonjo would remain on the board of directors during the period, while its chief operating officer Laurent Gouault and chief financial officer Zuber Momoniat will be tasked with heading operational and commercial, and finance and legal functions respectively.
Read: Twiga leads private firms’ queue at Galana Kulalu
“Following the successful capital raise, the board supports Peter’s decision to take a sabbatical and has full confidence in the capabilities of Twiga’s recently bolstered senior leadership team,” said the firm’s board chairman Hein Pretorius.
“On behalf of the board of directors, I thank Peter for his demonstrated commitment in ensuring the completion of Twiga’s recent funding round, despite the personal sacrifices required.”
On his part, Njonjo said that he would ‘focus on personal matters’.
“I am proud of what we have built at Twiga and the impact that Twiga has had through job creation, the reduction of agricultural waste, and ultimately the reduction of food costs,” he stated.
I have decided to take a break after an intense 2023, from my day-to-day role as CEO to focus on personal matters. I trust the ability of Laurent, Zuber and the rest of the team to drive the growth of Twiga while I’ll be away and thank the board for their support and understanding.”
The announcement comes at a time when the food distributor has been facing a protracted chain of operational headwinds, ranging from staff layoffs to deferred payments owed to suppliers, as well as delayed salaries for workers.
In August this year, the firm announced that it would be shedding a third of its workforce as part of its strategy to cut costs by up to 40 percent, with Mr Njonjo then heaping blame on a funding drought that he said had enveloped the market.
Read: Twiga Foods eyes Ivory Coast, DRC in expansion
The turbulence at Twiga had sent jitters in the start-up sector based on its presumed position as a market leader on whose success novel players would have banked as a benchmark.
