Twiga Foods CEO leaves board after a month-long sabbatical announcement

Peter Njonjo’s Departure from Twiga

1. CEO’s Resignation Raises Questions

Peter Njonjo, the CEO and co-founder of Twiga, has recently stepped down from the company’s board, igniting discussions about his departure.

Njonjo, who founded Twiga in 2013, led the company until December 2023, when he surprised many by announcing a six-month sabbatical.

2. Earlier Speculations on CEO’s Forced Exit

Speculations had surfaced when TechCabal reported that Njonjo’s sudden sabbatical might indicate that he was pressured to leave the CEO position by investors Creadev and Juven.

These investors had played a crucial role in a $35 million funding round, aiding Twiga in settling its financial obligations to vendors.

3. Njonjo’s View on Future Contribution

In a letter dated January 4, 2024, addressed to Twiga’s board, Njonjo expressed his belief that he could only contribute “very little value” to the company’s strategic direction and daily operations.

This seemingly supports earlier reports and hints that Njonjo’s departure was not entirely voluntary.

4. Transition Period and Resignation Confirmation

Njonjo revealed that he agreed to a six-month transition period, as requested by the board, after his initial “resignation.”

By using the term “resignation,” Njonjo’s latest letter aligns with TechCabal’s previous reporting, strengthening the notion that his sabbatical was a precursor to a more permanent exit.

5. Financial Move Prior to Sabbatical

Two weeks before announcing his sabbatical, Njonjo closed a $35 million convertible bond to assist Twiga in repaying owed amounts to vendors.

However, concerns arise as at least one supplier claims they haven’t received payment or been informed of a payment plan, despite Twiga’s assertion that around 100 vendors were notified.

6. Njonjo’s Future Role and Other Departures

Despite leaving the board, Njonjo expressed his intention to be a supportive shareholder and is exploring new opportunities.

Meanwhile, Yebeltal Getachew, Twiga’s head of East Africa business and a former Coca-Cola executive, also left the company in December, signaling further challenges within Twiga’s leadership.

7. Ongoing Discussions and Unanswered Enquiries

As of now, Njonjo has not responded to TechCabal’s requests for comments.

Moreover, Juven and Creadev, the key investors in Twiga, have not replied to enquiries sent to them.

The company is currently engaged in informal talks with suppliers, highlighting potential financial and operational uncertainties.

Share on Facebook «||» Share on Twitter «||» Share on Reddit «||» Share on LinkedIn

Advertisement
Advertisement: Download Vital Signs App (VS App)