Fountain Enterprises Programme (FEP) Holdings has appointed Maurice Korir as the new Chief Executive Officer to steer the operations of the multi-billion investment company that has interests in real estate, ICT, energy, education, finance and hospitality sectors.
Mr Korir, who has served as Chief Operating Officer of at FEP Holdings since 2014, takes over the reins of the company as part of a seamless succession plan that will see Dr. John Kithaka, the Founder and outgoing CEO, retained on the Board as a Director.
Speaking on behalf of the Board of FEP Holdings, the Chairman, Engineer Erastus Mwongera said Mr Korir had a stellar performance management and corporate governance track record, as well as the requisite experience in change management to unlock the Group’s fortunes.
“Mr Korir has successfully headed the first phase of our restructuring process, through which we have realized 45 percent revenue growth and similar reduction in operational costs in just one year. We are confident that he will set the sails toward a trajectory of greater success with the same vigour, as we embark on the second phase of our transformation programme,” said Eng. Mwongera.
The first phase entailed operational restructuring and setting up of corporate governance structures, while the second phase of the Group’s transformation process will be the implementation of a five-year strategic plan that seeks to grow revenues and attain profitability as well the shareholder value.
Mr Korir has over 17 years of experience, working for multinationals and blue chip companies such as Mobil Oil, Airtel and Ogilvy, a marketing and communications company. He is a Certified Public Accountant with a Master in Business Administration and a Bachelors of Commerce Degree in Finance from the University of Nairobi, and has considerable Board experience.
He takes over the mantle from the vision bearer of FEP who marshalled the mobilisation of over Ksh5 billion for the Group which has investments in diverse sectors of the economy through FEP Holdings Ltd.
“The Board wishes to thank Dr. Kithaka for his vision and commitment in conceiving and managing FEP from a conceptual idea to a unique social and economic movement that has impacted thousands of lives,” said Eng. Mwongera.
He said the outgoing CEO would continue to contribute strategically as a director and Founder President to ensure implementation of the vision and mission of the FEP Group, as well that of the social investment affiliates of FEP; including FEP Foundation. He is also the Chairman of FEP Society, the umbrella organisation of all FEP entities.