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[June 23, 2014]
Gakunju ends decade-long reign at AAR [Business Daily (Kenya)]
(Business Daily (Kenya) Via Acquire Media NewsEdge) Jagi Gakunju, the long-serving CEO of healthcare and insurance group AAR, has stepped down after more than a decade at the helm of the company.
Mr Gakunju, who worked at AAR for a total of 22 years, 11 of them as group CEO, is set leave the firm at the end of this month. AAR has split its insurance and healthcare divisions into separate units, each with its own boss, eliminating the position of group CEO.
"He was responsible for restructuring and realigning the company in 2004 to 2006, bringing in PVI as a key investor then, and in 2010 spearheaded the bringing on board of IFHA (Investment Fund for Health in Africa) who bought a 20pc stake in the company," said the AAR board in a statement.
AAR Healthcare Holdings is now run separately under CEO Mark Achola, while AAR Insurance operates under Geoffrey Nzau. Mr Nzau's appointment is linked to his being part of a consortium that recently concluded two acquisition deals with AAR's insurance unit.
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