Britam Holdings Plc on Thursday informed stakeholders that it will be scraping nine top executive positions as part of its restructuring plans.
A regulatory filing by the insurance firm, which Business Elites Africa obtained from the Nairobi Securities Exchange website, said the new organisational structure is expected to “result in a more competitive, efficient and customer centric organisation.”
The surprising move comes barely two months after Zimbabwean strategist, Tavaziva Chadamoyo Madzinga, was appointed as Chief Executive Officer to help turn things around. Analysts have described the move as a major shakeup at Britam Holdings’ highest echelon.
More Details about the Development
By letting nine top executives go, Britam Holdings will be transforming its management team into a leaner one comprised of just eleven managers. While no names were given regarding those being let go, Britam explained in the corporate action (which was signed by Company Chairman Mohamed Karama) that those affected would be leaving by the end of this month. The statement also noted that they would be duly compensated with attractive packages.
See Key Highlights of the Statement by Britam Holdings Plc below
- The new structure will gear the organisation for enhanced digital innovation in its solutions and
- The reorganisation is expected to lead to a leaner executive team with fewer reporting layers that
will support the company’s growth in an increasingly competitive business environment.
- The review of the organisational structure is also expected to significantly improve service
standards, reduce corporate and shared service costs, reduce unnecessary overlaps and put the
customer at the centre of the business.
- The reorganisation of Britam’s operations is the result of a business strategy review spearheaded
by the Board, for the period 2021-2025.
- The business realignment process will result in the elimination of some roles. Employees in the
affected roles and positions are expected to exit the business under a Voluntary Early Retirement (VER) program.
- Under the VER programme, exiting employees will receive an attractive package that is well above
the industry average. This process is expected to conclude at the end of May 2021.