The former Kenya Airways Chief executive officer Mbuvi Ngunze. [Photo / nairobiwire.]
Former Kenya Airways Chief executive officer Mbuvi Ngunze is set to exit the airliner in a fortnight following the successful conclusion of the airline’s balance sheet restructuring process.
Ngunze held the executive position from the KQ's former boss Michael Joseph, who exited the airliner in March. He had been requested to continue holding the position until July as the airliner searched for a new boss.
Ngunze exit was again delayed as he was asked, in collaboration with Michael Joseph, to retain the position as an advisor to the new CEO, Mr. Sebastian Mikozz, that was yet to gain an understanding of the business.
Mr. Ngunze, made the imminent departure announcement on Tuesday night after the capital restructuring negotiations came to a success with all parties signing on the dotted line.
“We are just wrapping up the paperwork. In the next week or so my job is done,” Mr Ngunze was quoted by Business Daily in an interview on Wednesday.
Michael Joseph, investment secretary Esther Koimett, and Festus King’ori ~ a Treasury principal secretary at KQ were however maintained at the KQs' board as advisors on the recapitalization deal.
“It has been such a complex deal so I will take three months off, then decide what to do. I will take the time to reflect on my life, my career, and my next move,” added Mr Ngunze.
The new deal that was signed on Tuesday night by 10 local banks and Treasury will see the Sh 44.2 billion debt owned by the national carrier converted into shares and diluting existing shareholders' stakes by about 95 percent.