(Bloomberg) --

Britam Holdings’s Finance Director Charles Njuguna has been named acting managing director, replacing Tavaziva Madzinga who resigned Friday less than a year into the job to join South African based financial-services group Santam Ltd.   

Njuguna, who joined the Kenyan-based diversified financial services group last year, will lead the organization during its transition period until the search for a new MD is concluded, Kuria Muchiru, board chairman said in an emailed statement. 

Njuguna has more than 20 years experience in the financial sector. His experience in implementing the group’s turnaround strategy has contributed positively to its financial performance, Muchiru said.  

The group announced plans to reorganize its business structure in March last year to cut costs and return to profitability, the statement said. 

It has since achieved both and shifted its focus to growth.   

The Nairobi-based company has operations in seven markets, including Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi. 

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