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Top CEO Departures Of 2019

The number of high-profile Chief Executive Officers (CEOs) and managers from top companies quitting their jobs was smaller in 2019 compared to 2018.

 None the less, a number of CEOs and middle-level managers moved on; some were forced out while others exited having guided their companies to relatively safe harbor.

Like we always do, Business Focus doesn’t claim to have listed everyone who traded in their seat at the head of the table in 2019, but these are some of the more notable ones.

Stephen Mukweli

Mukweli who has been PostBank Managing Director since the early 2000s, handed in his resignation to the bank’s board chairman Grace Bakunda in May 2019, a day after his appearance at the Anti-Corruption Court, where he and seven other officials were charged with abuse of office, causing financial loss and conspiracy to defraud their employer.

The other officials facing corruption charges are Safina Wabuna (Executive Director for Information and Communication Technology),  David Mwesige (Head of Information Technology), Augustine Kisitu (Head of Business Technology), Emmanuel Mwaka (the Finance Manager), Alex Kayaayo (Director for Credit and Business Growth), Fred Samuel Wasike (Head of Business Growth), Gilbert Nuwamanya (Manager Sales) and Jackson Mwesigwa (General Manager Finance).

The investigation into PostBank activities started in the first week of April, following a whistle-blower’s petition to the State House Anti-Corruption Unit over possible fraud and office abuse. The team led by Lt Col Edith Nakalema said it based on credible information to undertake a special investigation on PostBank Uganda over abuse of office, involving a number of senior PostBank Personnel.

Edwin Keronga was appointed Managing Director of PostBank Uganda Limited, following the resignation of Mukweli, who has since been substantively replaced by Julius Kakeeto from Orient Bank. Mukweil and other officials facing corruption charges are no doubt one of the worst performers of 2019.

Juilus Kakeeto

Kakeeto resigned his position as Managing Director and Chief Executive Officer at Orient Bank. He quit to join PostBank as Managing Director, replacing Stephen Mukweli.

Kakeeto has banking experience spanning over 19 years, in Uganda and the United Kingdom. He started his career at Ernst and Young before joining Citibank where he served in various capacities.

From Citibank, Kakeeto joined Equity Bank Uganda as Finance Director. He later joined Orient Bank, where he served as Managing Director and CEO for the last four and half years.

Kakeeto is a Fellow of the Association of Chartered Certified Accountants (FCCA), a member of the Institute of Certified Public Accountants of Uganda and an alumnus of Manchester Business School in the United Kingdom where he obtained an MBA.

His performance at Orient Bank has been incredible. He turned the bank into a profitable entity consistently. In a market of 24 banks then, Orient was the 14th most profitable bank in Uganda in 2018 (banking results for the previous year are released in the new year), having recorded Shs5.5bn net profit, up from Shs4.8bn recorded a year earlier.

Patrick Mweheire

Quite unexpected but truth is Mweheire will leave  Stanbic Bank Uganda as  Chief Executive Officer at the end of 2019 after expiry of his contract. Sources say he will still serve Standard Bank Group, the parent bank of Stanbic Uganda but at a regional level. His successor is yet to be named.

 Mweheire was appointed Stanbic Bank’s Managing Director in January 2015 and has performed excellently for the last five years. He has grown the bank’s assets from Shs3.7 trillion in 2015 to Shs5.31 trillion in 2018.

Profits have also been increasing year after year.  The bank made a net profit of Shs150.1bn in 2015 before increasing cumulatively to Shs215bn in 2018.

Stanbic Bank Uganda recorded exceptional half year results, posting a 39.5% year-on-year increase in its Profit After Tax which grew from Shs96.1 billion in June 2018 to Shs134 billion at the end of June 2019.

 Mweheire has also been the Chairman of Uganda Bankers Association where he together with colleagues in the industry have championed reforms and innovations aimed at increasing financial inclusion in the country.

Jimmy Mugerwa

In November 2019, Tullow Uganda Managing Director, Jimmy Mugerwa was transferred to London based head office as Tullow Group’s Corporate Head of Infrastructure and Organisation.

This is a newly created role which according to the release is advisory, but Mugerwa will also be responsible for all aspects of Tullow’s infrastructure and external affairs.

Mugerwa, who will assume the position effective January 1, 2020, will be replaced by Mariam Nampeera Mbowa, who has been Tullow’s Associate Counsel in Uganda.

Mugerwa has served in the position since 2012.

Dr Josephine Kasalamwa Wapakabulo

Nearly three years into the job, in May 2019, Wapakabulo resigned her position as Chief Executive Officer at Uganda National Oil Company (UNOC).   In her resignation letter dated May 13, 2019, addressed to the Chairperson Board of Directors of UNOC, Emmanuel Katongole, Wapakabulo cited family and new opportunities as reasons for her resignation.

However, insiders attributed her resignation to politics and intrigue at work. In a staff email, Wapakabulo further hinted on health as a cause of her resignation.

She was recruited as the first CEO of UNOC in August, 2016.

Wapakabulo officially left office on August 13, 2019. She was replaced by Proscovia Nabbanja in acting capacity. Nabbanja is a Geologist with 19 years experience in the Oil & Gas industry.

She has been substantively the Chief Operating Officer – Upstream at UNOC for the last 3 years.

Denis Kibuka Musoke

In April 2019, Denis Kibukamusoke resigned his lucrative job as Head Consumer Banking at dfcu bank. He was replaced by Miranda Bageine Musoke, the Head Personal Banking in acting capacity.

 Kibukamusoke has been part of dfcu’s success story for a cumulative 8yrs.

“He was with us before as Head Business Banking left then returned in 2015 as Head Consumer Banking and has made a significant contribution to growing our business. He’s been a great leader, colleague, mentor and coach to many who will be missed,” Rukh-Shana Namuyimba, the Communication Manager at dfcu Bank said in a statement.

Primrose Kobusingye

In November this year, Primrose Kobusingye quit Ecobank as the Head of Marketing, Product Development and Communications.

She joined FINCA Uganda Limited, also known as FINCA Uganda as the Head of Marketing.

Headed by James Onyutta as Managing Director, FINCA Uganda is a subsidiary and member organization of FINCA International, headquartered in the United States of America.

Kobusingye joined Ecobank in September 2015.

Pius Bigirimana

Bigirimana was a powerful man at Ministry of Gender, Labour and Social Development as Permanent Secretary. However, effective Monday 29th July, 2019, he took on a new role as the Permanent Secretary /Secretary to the Judiciary.

This followed a 26th July 2019 letter by the Head of Public Service and Secretary to Cabinet, Dr. John Mitala, in which he stated that the Appointing Authority had Directed Bigirimana to be transferred with immediate effect, and report to the new station without delay.

The change came exactly six years and two months since Bigirimana took on the helm at the Ministry of Gender, Labour and Social Development, having been moved there on 23rd May, 2013.

He left a strong legacy and trail of turnkey social development Programmes that have since elevated the Gender Ministry into one of the key players in national development.

Most prominent of these is the Youth Livelihood Programme (YLP) to which he is a brainchild and one of the very first Programmes he initiated once he moved to the Gender Ministry.

Rakesh Jha

In August, Rakesh Jha quit Barclays (now Absa) as Managing Director after five years at the helm.

I have been in the banking industry for two and a half decades. I will be joining another banking group in Africa; I will be a heading a bank in Southern part of Africa,” he said in an interview with Business Focus.

The Bank’s Board appointed Mian Nazim Mahmood as his successor in Interim capacity.

During Jha’s tenure at the bank, Absa’s total assets grew from Shs1.4 trillion in 2014 to Shs2.79 trillion in 2018, making it the 5th largest bank in Uganda by assets with a market share of 9.95%.

Odongo Quits Uganda Road Fund

Dr. Eng. Michael Odongo quit Uganda Road Fund (URF) as Executive Director after 10 years at the helm. He was the founding ED.

The Minister of Finance has since appointed Dr. Eng. Andrew G. Naimanye as Acting Executive Director of Uganda Road Fund.

This appointment took effect on 1st November 2019.

URF is in search of a substantive Executive Director.

Under Eng. Odongo’s leadership, URF’s budget has grown from Shs100bn in 2010 to over Shs500bn in 2019 which has enabled the agency finance routine and periodic maintenance of 140,000Km of public roads.

Crispin Kaheru Leaves CCEDU

In October 2019, Crispin Kaheru, the Coordinator of Citizens’ Coalition for Electoral Democracy in Uganda (CCEDU) resigned his position to begin a new phase in his professional life.

Launched on August 19th, 2009, CCEDU is a broad coalition that brings together over 800 like-minded civil society organizations and over eight thousand individuals to advocate for electoral democracy in Uganda. The overriding agenda of this coalition is to advocate and promote integrity, transparency and active citizen participation in Uganda’s electoral process.

In his letter dated 11th September 2019 to Dr. Miria R.K. Matembe, the Chairperson, CCEDU, Kaheru  said he had fulfilled his personal pledge at CCEDU.

“Madam Chair, this letter serves as notice that I will be resigning from my position as the Coordinator of the Citizens’ Coalition for Electoral Democracy in Uganda (CCEDU) with effect from Friday 11th October 2019 at 5:30pm (17:30hours). Please note that 11th October 2019 will mark exactly nine (9) years since I became the Coordinator of CCEDU,” he wrote.

He added: “On assuming that role, at the age of 26, I made a personal commitment to serve in this position for a maximum of nine (9) years; so now, having fulfilled my personal pledge, it is time for me to begin a new phase in my professional life.”

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