The Kenya Electricity Generating Company, KenGen has renewed Rebecca Miano’s contract as the Managing Director and CEO. The renewal, in line with the company’s articles of association, owes to the company’s good corporate financial performance under her leadership.
“We wish to inform our shareholders that the Board of Directors, exercising their powers given under the Article 94 of the Articles of Association of the Company has renewed the employment contract for the Managing Director & CEO, Mrs Rebecca Miano, MBS for another three years following a rigorous evaluation process,” says Joshua Chege, the company Board Chair.
At the helm of the organization, Mrs Miano spearheaded the organization’s diversification strategy, which saw the company receive two geothermal drilling and consultancy contracts in Ethiopia. She also made significant contributions in KenGen’s geothermal energy, which is now the largest in the continent and 7th largest globally as well as leverage on other renewable energy sources. Overall, KenGen generates over 80% of its energy from renewable sources.
Under her leadership, the power generator paid a dividend of KSh 2.6 billion in the financial year 2018. in 2019, the company redeemed its Ksh 25 billion infrastructure bond with a fixed rate of 12.5 % per annum which “proved to investors that Kengen is a credible company to invest in through debt financing or equity.”
Miano took over KenGen’s leadership in August 2017 after the retirement of Albert Mugo. She is the company’s first female CEO and was recently named among the Top 100 Women Chief Executive Officers (CEOs) in Africa.