Mbuvi Ngunze, the CEO of Kenya Airways has announced that he will be leaving Kenya Airways effective first quarter 2017 in which he would have worked for five year at KQ and for two years as the Managing Director.
“While I regret this decision, I respect his position. Mbuvi will stay on until a successor is found which is expected to take some months.” Said the board Chairman Michael Joseph in a statement.
“The selection of the next CEO will be a thoughtful process led by myself together with the Board Governance and Nominations committee, which will focus on producing the right outcomes to lead KQ into its next chapter. I hope to complete this process within the next 3 months and I have already started the process to search for and identify the right candidate with the relevant airline experience.” He added.
Mr. Joseph, who was appointed Chairman less than a month ago, praised Mr. Mbuvi and a man of integrity and who was outgoing and interesting to work with. “Although I have to date only worked with him for a short while; it has indeed been my privilege to work with Mbuvi so far. I know that over the last 2 years as Group MD and CEO, the Board has seen the dedication and selfless approach to work that he has had. Mbuvi has led KQ during an extremely challenging period, but nonetheless brought his unique leadership skills to bear, ensuring that the airline stayed afloat, leading from the front in negotiations with financiers and critical partners, and launching the turnaround which has achieved key milestones,” he said.
Kenya Airways has been through a financial turbulence and Mbuvi Ngunze took over the helm of the leadership after it had made a record loss of more than 27 billion shillings. The airline is still recovering and already, according to the management, 75 percent of the losses have been done away with with the hope of coming back to profitability in the next five months.
“The challenges faced by KQ over the last few years are not unique to it, as aviation is a cyclical business. What is critical is that these challenges have been faced with measured responses that are now clearly bearing fruit. These actions have included negotiating bridge financing for the business successfully, revisiting the commercial offer of KQ and organization, monetizing assets to keep the business in operation, fleet rationalization and improved utilization, reducing costs and improving productivity. The operational losses of the business have reduced substantially under his watch and KQ more than broke even at the half year period. Operation Pride will clearly place KQ on a stronger footing and provide a stable base for long term growth.” Read the statement from the Chairman.