Jubilee CEO Julius Kipngetich extends term on Standard Group board
Standard hosted its annual general meeting for this year virtually. Companies are turning to virtual meetings because of coronavirus restrictions that prohibit huge gatherings. Shareholders voted to retain KMPG as the group’s auditor.
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| Jubilee Holdings CEO Julius Kipngetich |
Standard Group Ltd (SGL) shareholders have voted to extend the term of Julius Kipngetich on the media group’s board of directors, according regulatory filing on the results of the group’s virtual annual general meeting hosted on July 3.
Kipngetich currently serves as Jubilee Holdings Ltd (JUB) CEO. Jubilee runs insurance businesses across the East African region and beyond. It was recently in a tussle with The National Hospitals over medical bills payment. Jubilee made a profit of Ksh4.0 billion in 2019, out of which it plans to spend about Ksh580 million to pay dividends to its shareholders at the rate of Ksh9 per share.
Kipngetich joined Standard’s board of directors in 2017, a time when he was serving as the CEO of Uchumi Supermarket Ltd (UCHM). Previously, Kipngetich worked at banking giant Equity Group Holdings Ltd (EQTY), serving as its chief operating officer. Moreover, Kipngetich helmed state agency Kenya Wildlife Service.
Standard runs television broadcaster KTN and operates broadcast radio brands Maisha and Spice. It also publishes namesake national newspaper. Standard’s annual general meeting results also show the group has retained KPMG as its auditor.
Finally, Standard shares fell 0.69% on Wednesday to close at Ksh21.50. Jubilee shares dropped 2.30 to close at Ksh244.25. Equity Group shares dropped 0.30% to close at Ksh32.75 while Uchumi shares jumped 3.13% to wrap up the day at Ksh0.33.