LImuru Tea PLC Chairman Dr. Richard Korir has resigned from his position in the company almost two and a half years after his appointment.
Dr. Korir was appointed as chairman of the company back in 2017 after having served as non-executive director.
Dr. Korir is accomplished Veterinary and agricultural profession with over 44 years experience in agricultural production, animal health and managing projects and experienced in agricultural policy making and development in East Africa.
His resignation was announced in Thursday when the board announced the appointment of Dorcas Muli to succeed him.
“We are pleased to announce the appointment of Dorcas Muli as the Chairperson of the Board of Directors of limuru Tea PLC with effect from October 1, 2021 in place of Dr.Richard Korir,” said the company.
Prior to her appointment, Muli who worked with Limuru Tea since 2018 when she was an independent non-executive director and has been the chairperson of the audit committee of the board.
The company also announced the appointment of Sarah Mbwaya as an independent non-executive director at the board and chairperson of the audit committee and nomination committee with Phillip Kiplagat being appointed as an Executive Director to the board in place of Felix Mutai who tendered resignation following an internal promotion.
Reason for Kori’s resignation has not been established, coming almost two and a half years since the company’s former CEO Nicholaos Yiannakis hanged his boots 18 months into his appointment.
Yiannakis resigned at a time when the company was rocked with decreased revenues, much of which was due to decreased tea prices.
Limuru Tea Plc, is a Kenya-based company engaged in the growing of green leaf tea.
It owns approximately 282 acres of tea plantation situated 4 kilometres east of Limuru town.
The listed firm is an outgrower to Unilever Tea Kenya Limited, which provides it with management services in manufacturing, selling, and marketing its tea.
The Limuru Tea Green leaf is manufactured in the nearby Unilever Tea Kenya Limited Mabroukie factory where it is sold for export at the Tea Auction.
At the end of the period ended December 31, 2019, Limuru Tea Plc posted a pre-tax profit of Ksh.3 million compared to Ksh.3.7 million the year prior.
During Q1, 2020, there was a significant drop in tea auction prices while volumes were on the increase, a trend that has severely hit the firm’s net earnings for the year
