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Uchumi CEO & CFO fired.......
Rank: Veteran Joined: 8/10/2014 Posts: 989 Location: Kenya
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instinct wrote:Chaka wrote:instinct wrote:i went shopping at Uchumi today. Mombasa Rd branch. The shelves were well stocked unlike my visit there the day POTUS arrived. surprisingly i found all the items on my shopping list, 6000 worth. Staff were courteous unlike a month ago. Seems they're back to near normal operation at least. Has shortlisting for new CEO been done? Nice to hear that.How much did you pay for parking?These guys should find a way to offset parking fee vs the 6k spent..maybe refunding the fee via uchumi card? Yeah that bit sucked. Kwanza i dint have coins! Looks like things are working out...will go roam in the supermarket before i invest
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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instinct wrote:i went shopping at Uchumi today. Mombasa Rd branch. The shelves were well stocked unlike my visit there the day POTUS arrived. surprisingly i found all the items on my shopping list, 6000 worth. Staff were courteous unlike a month ago. Seems they're back to near normal operation at least. Has shortlisting for new CEO been done? Quote:20 August 2015
RE: EXECUTIVE APPOINTMENT
We wish to advise you that the Board of Directors has today appointed Mr. Willy Kimani King'ara as the Chief Operating Officer.
This comes as the Company looks forward to restructuring with a view to improving services and general performance going forward.
Please update your records accordingly.
Mr. Samson Oduor
Chief Finance Officer Pesa Nane plans to be shilingi when he grows up.
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Rank: Veteran Joined: 8/10/2014 Posts: 989 Location: Kenya
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Pesa Nane wrote:instinct wrote:i went shopping at Uchumi today. Mombasa Rd branch. The shelves were well stocked unlike my visit there the day POTUS arrived. surprisingly i found all the items on my shopping list, 6000 worth. Staff were courteous unlike a month ago. Seems they're back to near normal operation at least. Has shortlisting for new CEO been done? Quote:20 August 2015
RE: EXECUTIVE APPOINTMENT
We wish to advise you that the Board of Directors has today appointed Mr. Willy Kimani King'ara as the Chief Operating Officer.
This comes as the Company looks forward to restructuring with a view to improving services and general performance going forward.
Please update your records accordingly.
Mr. Samson Oduor
Chief Finance Officer This guy has experience from Naivas and Tuskys, the times both stores were expanding and doing so well
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Rank: Member Joined: 9/14/2011 Posts: 857 Location: nairobi
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When is Uchumi likely to release FY2015 results
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Rank: Member Joined: 8/17/2007 Posts: 294
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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watesh wrote:Pesa Nane wrote:instinct wrote:i went shopping at Uchumi today. Mombasa Rd branch. The shelves were well stocked unlike my visit there the day POTUS arrived. surprisingly i found all the items on my shopping list, 6000 worth. Staff were courteous unlike a month ago. Seems they're back to near normal operation at least. Has shortlisting for new CEO been done? Quote:20 August 2015
RE: EXECUTIVE APPOINTMENT
We wish to advise you that the Board of Directors has today appointed Mr. Willy Kimani King'ara as the Chief Operating Officer.
This comes as the Company looks forward to restructuring with a view to improving services and general performance going forward.
Please update your records accordingly.
Mr. Samson Oduor
Chief Finance Officer This guy has experience from Naivas and Tuskys, the times both stores were expanding and doing so well  Pesa Nane plans to be shilingi when he grows up.
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Rank: User Joined: 1/20/2014 Posts: 3,528
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Pesa Nane wrote:watesh wrote:Pesa Nane wrote:instinct wrote:i went shopping at Uchumi today. Mombasa Rd branch. The shelves were well stocked unlike my visit there the day POTUS arrived. surprisingly i found all the items on my shopping list, 6000 worth. Staff were courteous unlike a month ago. Seems they're back to near normal operation at least. Has shortlisting for new CEO been done? Quote:20 August 2015
RE: EXECUTIVE APPOINTMENT
We wish to advise you that the Board of Directors has today appointed Mr. Willy Kimani King'ara as the Chief Operating Officer.
This comes as the Company looks forward to restructuring with a view to improving services and general performance going forward.
Please update your records accordingly.
Mr. Samson Oduor
Chief Finance Officer This guy has experience from Naivas and Tuskys, the times both stores were expanding and doing so well Junior announces appointment of mdosi  Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Rank: Veteran Joined: 4/23/2014 Posts: 924
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Why does Uchumi's profit warning look hidden. Nation business page 36. “You can get in way more trouble with a good idea than a bad idea, because you forget that the good idea has limits.” - Ben Graham
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Rank: Member Joined: 8/17/2007 Posts: 294
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BREAKING NEWS: Uchumi has began a staff reduction exercise for its 4500 workforce. 200 staff from its Nairobi branches were released this morning
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Rank: Member Joined: 9/16/2006 Posts: 233
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link “I don’t regret the things I’ve done, I regret the things I didn’t do when I had the chance.”
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Rank: Member Joined: 8/17/2007 Posts: 294
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Heard it from an employee. Itll be in the news by Friday.
Ion...great future for uchumi ahead..http://www.nation.co.ke/lifestyle/smartcompany/Why-Uchumi-job-came-at-the-right-time-for-Kipng-etich-/-/1226/2853746/-/jvqau3/-/index.html
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Rank: Elder Joined: 12/25/2014 Posts: 2,301 Location: kenya
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instinct wrote:Heard it from an employee. Itll be in the news by Friday.
Ion...great future for uchumi ahead..http://www.nation.co.ke/lifestyle/smartcompany/Why-Uchumi-job-came-at-the-right-time-for-Kipng-etich-/-/1226/2853746/-/jvqau3/-/index.html
Starting to give this share a second look .
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Rank: Member Joined: 8/17/2007 Posts: 294
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Luckily it will take a few months to turn it around. This company has the goodwill of Kenyans like scom. They just need to keep their shelves full and stop the theft..
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Rank: Chief Joined: 1/3/2007 Posts: 18,208 Location: Nairobi
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instinct wrote:Luckily it will take a few months to turn it around. This company has the goodwill of Kenyans like scom. They just need to keep their shelves full and stop the theft.. It had a lot of goodwill but folks have moved on. Apart from Nakumatt, there's Tuskys & Naivas with large clean and well-stocked stores. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Member Joined: 8/17/2007 Posts: 294
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Rank: Veteran Joined: 6/23/2011 Posts: 1,740 Location: Nairobi
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I salute the new CEO on the bold moves he is making, paying suppliers, reducing work force, closing things like Uchumi Syokimau.
For students of business, a drive down Mombasa road and without even needing to stop you notice where Uchumi set their supermarket inside the station and you know something. The thing will never make any money. Discuss, location, location, location, location
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Rank: Member Joined: 12/11/2006 Posts: 895
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Watch this space in 100 days, Uchumi CEO says“Invest in yourself. Your career is the engine of your wealth.”
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Rank: Member Joined: 8/17/2007 Posts: 294
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he has a long way to go though... he needs more money to refurbish the branches, rebrand, buy a new IT system, to repay more than 1b debt and more money to hire the right talent and retrain and motivate existing staff.
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Rank: Elder Joined: 7/11/2010 Posts: 5,040
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What a beautiful case study to compare with KQ and mumias. Esp after Uchumi was also previously gava owned. Things are happening, changes Are being made. It's not magic or rocket science, just good governance The investor's chief problem - and even his worst enemy - is likely to be himself
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Rank: Elder Joined: 6/2/2011 Posts: 4,818 Location: -1.2107, 36.8831
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COOKING OF BOOKS AT UCHUMI WITH THE BLESSING OF MANAGEMENT "Auditors on the frying pan after ‘cooking’ of books at Uchumi" Quote:Releasing the financial results for the year to June 2015, Uchumi Chief Executive Julius Kipng’etich said the previous management had concealed losses of up to Sh1.04 billion by cooking the books.
“We believe there was manipulation going on over the years, but we had no time so we looked at the last three years where the manipulation shot up,” he said. Quote:Auditors have also defended themselves, saying that the fraud was difficult to detect since it was being done at the highest level of management and over a long period of time.
However, they admit that it is their responsibility to cross check the facts presented.
“An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial systems,” Ernst &Young, Uchumi auditors, says in its report.
Mr Injeni said going forward, auditors might request more time and even raise fees to do more comprehensive checks. Receive with simplicity everything that happens to you.” ― Rashi
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Uchumi CEO & CFO fired.......
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