Francis Muthaura retired as the chairman of the board of Britam Holdings after hitting 70 years old.
Muthaura has been the chairman of the board for almost four years after taking over in 2013.
In a notice to investors, the firm said that Muthaura will be replaced by Walter Andrew Hollas who has been part of the board since May 2015.
The capital Markets Authority recommends that board members need to retire at 70 years of age, and that is what was followed by the retirement of the former head of the civil service in Kenya.
Britam said that Mr. Muthaura had retired voluntarily having attained the age of 70 years in line with best corporate governance practice, adding that his resignation took effect on August 23.
“The board is very grateful for Ambassador Muthaura for his great leadership and immense contribution to the company during his directorship,” said the company
The board congratulates Mr. Hollas on his appointment.
The regulator last year published regulations recommending that board member voluntarily retire once they turn 70. However, shareholders can, at an annual general meeting, vote to retain them.
The regulator’s move to cap the age of board members is meant to strike a balance between having long-serving, experienced directors and the need to inject fresh blood and ideas into the listed companies.
Muthaura was first appointed to the Britam Board of Directors on August 15, 2013. Before his retirement from public service, Mathura had served in several senior positions in government locally and abroad. His last position was Permanent Secretary, Head of the Civil Service and Secretary to the Cabinet.