Kenya Power hunts for new finance chief
Published on: August 03, 2021 04:59 (EAT)
Utility company Kenya Power has begun its hunt for a new finance General Manager. The State parastatal has opened applications for the post through its consultancy partner Deloitte with the applications closing on August 24. The new finance chief will be appointed for an initial four-year term, renewable subject to performance and business requirements. The winning candidate is expected to hold a Bachelor’s and Master’s degree in Accounting, Finance, Commerce, Economics or Business Administration. The person is also expected to have at least 15 years relevant work experience with five years in senior management. Kenya Power’s new finance chief will be joining the entity at the height of parastatal reforms under which the utility company is expected to undergo considerable operational reviews. Presently, Kenya Power is among 18 State parastatals set for reforms under the technical guidance of the International Monetary Fund (IMF). At the same time, the firm’s power purchase agreements are under the scrutiny of a Presidential appointed task-force after being leaked for years to the company’s financial woes. Earlier this year, the Auditor General flagged the existing power purchase agreements (PPAs) for contributing to Kenya Power losses. In the financial year closing in June 2020, tax credits from government spared Kenya Power from posting a Ksh.2.98 billion loss. Nevertheless, the company returned a Ksh.939 million net loss from higher operating expenses despite largely unchanged revenues from customer contracts. In six months ending December 2020, Kenya Power saw its earnings tumble by 80 per cent to just Ksh.138 million from runaway financing costs. Stephen Vikiru presently serves as Kenya Power’s General Manager for Finance in interim capacity.