Turf power wars rock Kenya Re as board suspends Managing Director Hillary Wachinga
Turf power wars and internal divisions have rocked the Kenya Reinsurance Corporation (Kenya Re) board and senior management that led to the twenty-one days’ abrupt suspension of their Group Managing Director Hillary Wachinga.
While downplaying the issue in a public announcement, the board chaired by Erick Onyango Gumbo attributed the forced leave to an ongoing internal investigation of internal matters that is yet to be completed.
However, The Informer Media Group has since established existence of strained relations between a section of the board and senior management, which insiders say is split, with one board faction aligned to the suspended MD over some of the multi-billion projects reinsured by Kenya Re.
“There are internal divisions over some of the reinsured projects,” A source privy with the ongoing leadership wrangles intimated.
The board said the suspension takes effect from September 3, in a decision made by the board “following a preliminary review of internal matters, which is ongoing.”
Nicodemus Gekone, the General Manager for Property and Investments has been appointed as the acting MD.
“In accordance with the Capital Markets Act and its Regulations, the Board of Directors of Kenya Reinsurance Corporation Limited wishes to announce a change in its executive leadership. Hillary M. Wachinga has been suspended from his position as the Managing Director for 21 days with effect from 3rd September 2025,” Kenya Re stated in a notice.
“The Board has appointed Nicodemus Gekone, currently the General Manager Property & Investments, to serve as the Acting Managing Director during this period. The Board has full confidence in Gekone’s ability to provide steady leadership during this period,” it added.
According to the corporation, the suspension of the MD is in the interest of the company and its stakeholders and allows for an impartial probe.
“This decision was made by the Board following a preliminary review of internal matters, which is ongoing. The Board believes that this action is in the best interests of the Company and its stakeholders to allow for a thorough and impartial assessment.”
The corporation reassured stakeholders that business operations remain unaffected and emphasized its commitment to corporate governance.
“The Board of Directors reaffirms its unwavering commitment to the highest standards of corporate governance and to protecting the interests of all its shareholders and stakeholders.
“We remain focused on executing our long-term strategy and assure our stakeholders that our foundations remain strong and our business operations continue uninterrupted,” the statement concluded.
Wachinga was appointed as the Managing Director of Kenya Re in late March 2023, succeeding long-serving boss Jadiah Mwarania.
Previously, Wachinga worked at Deloitte, where he worked as an external auditor.
He later moved into the banking sector, serving in various positions, including internal audit manager, risk manager, and deputy head of special projects.
In August 2012, Wachinga joined Kenya Re, serving as Head of Audit and Risk and later as Risk and Compliance Manager.
