Peter Njonjo, the CEO of agritech firm Twiga Foods, has commenced a six-month leave shortly after the company secured a new funding round.
The exact value of the funding remains undisclosed, adding to Twiga’s cumulative capital of $160 million since its establishment in 2014.
In an official statement, Twiga Foods announced that Njonjo would continue serving on the board of directors during his leave.
The roles of overseeing operational and commercial functions will be assumed by Chief Operating Officer Laurent Gouault, while Chief Financial Officer Zuber Momoniat will be responsible for finance and legal matters.
Hein Pretorius, the chairman of Twiga’s board, expressed support for Njonjo’s decision and conveyed confidence in the enhanced leadership team. Pretorius acknowledged Njonjo’s commitment to completing the recent funding round.
Njonjo, while expressing pride in Twiga’s achievements, mentioned his focus on personal matters during the break. He entrusted the growth of Twiga to Laurent, Zuber, and the rest of the team and appreciated the board for its support.
This announcement follows a period of operational challenges for Twiga Foods, including staff layoffs, deferred payments to suppliers, and delayed salaries.
In August, the company revealed plans to reduce its workforce by one-third, citing a need to cut costs by up to 40%, with Njonjo attributing the decision to a funding drought in the market.
This leave period provides an opportunity for the enhanced leadership team to steer the company through these challenges and implement strategic measures for sustainable growth.
Twiga’s ability to secure additional funding, despite the operational setbacks, suggests continued investor confidence in the company’s long-term potential.
The appointment of Laurent Gouault and Zuber Momoniat to oversee key functions during Njonjo’s absence, however, raises questions about the broader strategic planning within Twiga.
Investors, stakeholders, and industry analysts will be keenly observing how the leadership transition is managed and whether it signals a shift in the company’s strategic direction.
