Listed non-bank financial services firm, Sanlam Kenya has appointed Mr Patrick Tumbo as the firm’s Group Chief Executive officer with immediate effect.
Mr. Tumbo takes over from Mugo Kibati who left the company to pursue other interests. George Kuria, Sanlam General Insurance Chief Executive Officer has been the acting GCEO for the past six months.
Mr. Tumbo joins Sanlam Kenya Group from Jubilee Insurance, where he was the CEO, Kenya. He also served the Jubilee Group technical head on Insurance and Reinsurance and in the Group’s Subsidiary boards. At Jubilee, he was credited with growing the Kenya business from Shs4 billion to Shs24 billion during his tenure. He was also instrumental in driving business growth through technology adoption and widening the client base by venturing into new untapped markets in the East African region.
Announcing the appointment, Sanlam board chairman Dr. John Simba said Mr. Tumbo will be assuming overall leadership for Sanlam Kenya PLC and the respective group subsidiary business companies.
“In Mr. Tumbo, we have secured a seasoned business leader who we also believe is the right fit to steer the Sanlam Group to new heights. This is part of our corporate strategy to position the group as a formidable non-bank financial services player in Kenya,” said Dr Simba.
On his part, Mr. Tumbo said he is looking forward to joining the Sanlam team and implementing a new growth strategy.
“Sanlam has carved a niche for itself as a non-banking financial services group with a vision and strategic imperatives that are pushing the brand into a new growth plane; I am happy to join at this point in time and contribute to the growth of the business,” said Mr. Tumbo.
Dr. Simba said the board had noted with satisfaction that Mr Kuria had provided immense and invaluable leadership in the last six months, with the business maintaining much needed operating and business development stability.
“I enjoyed working closely with Mr. Kuria and his management team and I have no doubt that we have a world-class team, passionate enough to deliver against the business goals,” said Dr. Simba.
Mr. Tumbo is a member of the Society of Fellows (UK) and is an alumnus of the University of Nairobi. He holds a Masters of Business Administration degree, specialising in Strategic Management, Marketing and International Business and a Bachelor of Commerce (Insurance option) from the same university. He has also attended Insurance, Reinsurance and Advanced Management training programmes from IESE, Barcelona, Spain, London Business School, Lagos Business School, the Strathmore Business School in Nairobi and the London College of Insurance, among others.
He was also named Africa’s Insurance CEO of the year by Africa Insurance Organisation (AIO) in 2015.
He started his career as a Management Trainee at Alico Kenya (now AIG Kenya) in the early nineties and went to serve in different positions at Co-operative Insurance Company, PTA Reinsurance (ZEP-Re) and then up to CEO at Jubilee Insurance Company of Kenya Ltd.
“He brings to the Sanlam Group a rare set of sector acumen, business development and corporate restructuring skills having previously served at AIG Kenya, PTA Reinsurance (ZEP-Re) and CIC insurance,” said Dr Simba. Mr Tumbo has more than two decades’ experience in the insurance industry.
Dr Simba said the new Group CEO would continue the implementation of Sanlam’s five-year strategic plan and that the board would give Mr Tumbo its full support as he implements the groups’ growth strategy.