Ex-CIC boss Gitogo paid Sh154m on early exit
Thursday, June 4, 2020 0:01
By VICTOR JUMA |
Mr Tom Gitogo when he was CIC Insurance boss.
FILE PHOTO | NMG
Former CIC Insurance Group #ticker:CIC chief executive Tom Gitogo was paid Sh154.4 million when he cut short his employment contract on October 9, 2019, the insurer has disclosed in its annual report.
Mr Gitogo’s five-year contract was to end in February this year but he left before the end of his term for unexplained reasons.
Mr Gitogo joined CIC in 2014 when he replaced Nelson Kuria who retired after holding the chief executive position for many years.
Mr Gitogo steadily bought the company’s shares and still held 11 million shares by December 2019 when he was ranked ninth among the top 10 shareholders, according to the annual report.
