Kenya Power seeks new CFO
The utility company Kenya Power has started its search for a new chief financial officer.
The parastatal state opened applications for the position through its consulting partner Deloitte, with applications closing on August 24.
The new CFO will be appointed for an initial term of four years, renewable subject to performance and business requirements.
The winning candidate must have a bachelor’s and master’s degree in accounting, finance, commerce, economics or business administration.
The individual is also expected to have at least 15 years of relevant work experience with five years in senior management.
Kenya Power’s new CFO will join the entity at the height of parastatal reforms where the utility company is expected to undergo extensive operational reviews.
Currently, Kenya Power is one of 18 state parastatals ready to undertake reforms under the technical leadership of the International Monetary Fund (IMF).
At the same time, the company’s power purchase agreements are under the control of a task force appointed by the president after years of disclosure of the company’s financial problems.
Earlier this year, the Auditor General pointed to existing power purchase agreements (PPAs) for contributing to Kenya’s power losses.
In the fiscal year ended June 2020, government tax credits saved Kenya Power a loss of Ksh 2.98 billion.
Nonetheless, the company recorded a net loss of Ksh 939 million due to higher operating expenses despite largely unchanged revenues from customer contracts.
In the six months ending December 2020, Kenya Power saw its profits drop 80% to just Ksh 138 million due to runaway financing costs.
Stephen Vikiru is currently Acting Chief Financial Officer of Kenya Power.
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