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The 10 Biggest CEO Departures, Worst Performers Of 2018

A number of high-profile Chief Executive Officers (CEOs) and managers from top companies in Uganda called it quits in 2018. Some were forced out and some exited having guided their companies to relatively safe harbor. Business Focus doesn’t claim to have listed everyone who traded in their seat at the head of the table in 2018, but these are some of the more notable ones.

On worst performers, we also don’t want to sound judgmental, but from this list, you can tell who the worst CEO performers of 2018 are.

Justine Bagyenda

Bagyenda, the former Executive Director-Supervision at Bank of Uganda was disgracefully forced out in February this year, four months into her retirement.

Bagyenda, who had served BoU in various capacities for over 30 years, was axed for mishandling the controversial closure and sale of defunct Crane Bank in October 2016. The ‘Iron Lady’ as she was known at BoU tried to stop her sacking, but she didn’t succeed.

She was replaced by Dr. Dr. Tumubweine Twinemanzi, who quit another lucrative job at Uganda Communications Commission where he worked as Director Industry Affairs and Content (Economic Affairs).

As if that wasn’t enough, Bagyenda was also dropped from the Financial Intelligence Authority (FIA) Board as a member after reports emerged that that she had amassed wealth through ‘illicit’ means.

Jolly K. Kaguhangire, Former UIA ED

The top worst CEO performer of 2018? For starters, little known Kaguhangire was appointed the Executive Director of Uganda Investment Authority (UIA) in late 2017, replacing Eng. Dr. Frank Sebbowa who had earlier on retired.

Just a few months into the job, UIA Board interdicted her in June this year over “serious corruption allegations” and “abuse of office.”

In a letter dated June 26, 2018, Emely Kugonza, the Chairman, UIA Board of Directors said Basil Ajer, the Director SME & STI had been appointed the acting Executive Director during the three-month period of investigations against Kaguhangire. She was later sacked after investigations proved that she wasn’t fit for UIA top job. The UIA ED position was advertised recently. She will go down in Uganda’s history as one of the most short-lived CEOs.

Juma Kisaame, outgoing dfcu Managing Director

In October this year, Kisaame announced he was retiring after being at the helm of Dfcu Bank for 11 years. He was instrumental in bidding for Crane Bank after Bank of Uganda declared its closure. Dfcu emerged the best bidder and Kisaame subsequently managed the integration process. He is one of the most respected bankers in Uganda, but his involvement in Crane Bank acquisition has somehow affected his image and forced him out of the bank, reports indicate.

None the less, following this US$ 50 million acquisition, Kisaame leaves dfcu banks as the second largest in the industry by assets.

Mathias Katamba

Katamba quit his job as Managing Director of Housing Finance Bank to replace retiring Juma Kisaame at dfcu bank.

When Katamba took charge in 2014, HFB had recorded a net profit of Shs4.25bn, down from Shs6.45bn in 2013. Under Katamba’s tenure, HFB has progressively recorded profits, albeit at a slow pace.

In 2015, the bank made a net profit of Shs14.68bn before it increased to Shs18bn in 2016. In 2017, the bank made a net profit of Shs19.9bn, making it the ninth most profitable bank in Uganda. In terms of ranking, HFB was the 11th most profitable bank in Uganda when Katamba assumed office.

While he is expected to officially assume office in January next year, Katamba is already at dfcu getting acclimatized with the new environment.

Jennifer Musisi- Former Executive Director, KCCA

Musisi shockingly announced she was resigning from Kampala Capital City Authority (UIA) in late September after serving in that position since 2011.

It was shocking because President Yoweri Museveni had just renewed her four-year contract.

Throughout her tenure, Musisi effected changes in the city that have enhanced its security, safety, beauty and colour.

She finished her first term fighting battles with Lord Mayor, Erias Lukwago. She then took on vendors, boda-bodas and hawkers on city streets, demarcated green belts along city roads, installed streets along several junctions with well-placed signposts and brought the KCCA Carnival that added to the urban tourism of the city. Musisi will be remembered as the first ED of KCCA.

Tropical Bank Fires Sameh M. Krekshi

This year Tropical Bank Uganda fired its Managing Director, Sameh M. Krekshi on the orders of Bank of Uganda.

According to the termination letter dated October1, 2018 seen by this site, Gerald M. Ssendaula, the Bank’s Board Chairman accused Krekshi of overdrawing his account contrary to BoU regulations.

“It is within your knowledge that during the on-site examination of Tropical Bank Ltd for the year 2017, Bank of Uganda established that your account was continuously overdrawn. The Central Bank recently conducted a follow up examination and established that the anomaly was never rectified as the overdrawn position was only regularized as recently as 12th September 2018, three months after the same was highlighted to the Board of directors,” the termination letter read in part.

It added: “This therefore serves to notify you of Bank of Uganda’s directive contained in their letter EDS.112.100 dated 27th September, 2018 to immediately terminate you from the services of Tropical Bank Ltd. You are henceforth requested to handover office and all the Bank’s property in your possession or under your control to the Executive Director, Mr. Dennis Kakeeto.”

Kakeeto, a Ugandan is expected to take full charge as MD. He will join a few Ugandans serving in top executive positions in the banking industry.

Olufemi Omotoso Leaves Guaranty Trust Bank

Guaranty Trust Bank Uganda (GTBank) Ltd early this year sent back its Managing Director, Olufemi Omotoso to its head offices in Nigeria after the bank recorded a loss of Shs1.9bn in 2017, up from Shs1.43bn loss in 2016.

He was replaced by Lekan Sanusi, whose term took effect on April 23, 2018.

GTBank entered the East African market in 2014 after acquiring 70 percent in Fina Bank Group’s operations in Kenya, Uganda and Rwanda.

Omotoso had been the MD of GTBank Uganda since 2014, but he failed to improve the bank’s performance.

Samuel Odeke, former CBA MD

In September, 2018, Commercial Bank of Africa (CBA) Uganda bid farewell to Samuel Odeke, its inaugural managing director, and simultaneously appointed Anthony Ndegwa to take over the reins. This was announced last Thursday at a dinner at Kampala Serena hotel.

Odeke, a financial management professional boasting over 26 years of banking experience, oversaw the entry and establishment of CBA in Uganda in 2014.

However, the banking has been performing poorly since it re-joined the Ugandan market in 2014 (it had exited the market in 1969 due to political instability).

In 2017, it made a loss of Shs1.3bn, down from Shs8.1bn loss in 2016.

Nile Breweries Country Director Steps Down

In April 2018, Nile Breweries Limited announced the appointment of Thomas Kamphuis as the new Country Operations Director for Uganda and South Sudan.

Kamphuis joined Nile Breweries from the headquarters of AB InBev East Africa Business Unit (BU) based in Dar es Salaam, Tanzania, where he has been the Marketing Director for the unit.

Kamphuis succeeded James Bowmaker, who announced his desire to step down in March after 7 years of continuous service to Nile Breweries and 17 years in the business.

“Leaving after 7 years of being part of a great team that has grown this business,  is not an easy decision, especially since I hold the country, people and products so close to my heart,” said  Bowmaker.

Taddewo William Senyonyi
William is a seasoned business and finance journalist. He is also an agripreneur and a coffee enthusiast.

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