The board of directors at E.A Portland Cement fired the firm’s CEO Peter Nkeri over continued loss-making that strained the company progress.
In 2016 appointed Simon Peter Ole Nkeri as the new Chief Executive Officer and take over from Kephar Tande.
Mr. Peter was first sent for a compulsory leave before being suspended. He holds an MBA in banking.
The firm’s total revenue dropped by 55 percent from KSh3 billion to KSh1.4 billion in the half year period to December 2018. The cement manufacturing sector has endured a rough time due to stiff competition from international brands and harsh economic conditions. The result has been lower earnings for the businesses.
The three main cement producers, ARM Cement, Bamburi Cement, and E.A cement, posted over 25percent drop in their net earnings in the latest financial reports.
The company seeks to raise KSh17 billion to jumpstart its production through the sale of non-essential assets like land.
The Treasury owns 25 percent of Portland Cement and has traditionally added up to NSSF’s 27 percent stake to exercise control at Kenya’s second-largest cement firm.
LafargeHolcim owns 41.7 percent of EAPCC, and also holds a controlling stake of 58.6 percent at rival firm Bamburi Cement.
In the last General Election, he contested the Kajiado senatorial seat by lost to Peter Mositet of The National Alliance.
Ole Nkeri, who was running on the ticket of the Grand National Union, garnered 69,574 votes to Mositet’s 145,703.
He has previously worked in the National Social Security Fund (NSSF) as a manager and in 2003, he briefly worked as the acting Capital Market Authority (CMA) chief executive.