Kenya Pipeline Company (KPC) has launched a search for a new managing director following Joe Sang’s abrupt resignation—mere weeks after the firm’s Nairobi Securities Exchange (NSE) debut. Sang’s exit ties to a fuel scandal that toppled three senior officials, thrusting Uganda into a pivotal role via veto rights earned during the IPO rescue.
Kampala’s Uganda National Oil Company (UNOC) invested Sh20 billion in unsold shares, clinching two board seats and governance concessions. This structure bars KPC’s board from appointing or dismissing the CEO without Ugandan approval as long as UNOC holds a stake.
Recruitment Demands and Strategic Stakes
The job ad demands 15 years’ experience (10 in senior roles) to navigate post-listing challenges: stricter governance, investor relations, and disclosures. Uganda, reliant on KPC for most fuel imports, now tests this setup—its first major influence post-IPO, one of East Africa’s largest share sales.
Key concessions in KPC’s updated articles:
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Ugandan nod required for CEO hires/firings.
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Veto on new share issuances to shield ownership.
These emerged from tense IPO negotiations; Uganda’s pullout threat over management sway could have sunk the oversubscription-challenged offering amid valuation doubts.
