A short-list of candidates has been drawn up and a replacement will probably be known within the next month, Smith said by phone from Nairobi, the capital.
The stock shed 5 cents, or 1.9 percent, to 2.6 shilling by 2 p.m. in Nairobi.
“Smith has been instrumental in the growth of the company but new leadership may come with some innovations and bring in new products,” Mbuthia Irungu, a trader with Nairobi-based Genghis Capital Ltd., said by phone.
The company on Dec. 7 reported net income fell 69 percent to 8.7 million shillings ($107,780) in the year through September.
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