Aug. 17 (Bloomberg) -- Sameer Africa Ltd., a Kenyan tire maker, fell the most in more than three months on investor concern over another change in the chief executive officer.
Shares in the company plunged 6.3 percent to 3.70 shillings by the 3 p.m. close in the capital, Nairobi, the biggest fall since May 9.
Sameer appointed Allan Walmsley as managing director starting on Sept. 1, it said on Aug. 13. He replaces Michael Karanja, who will continue until his contract ends on Aug. 31, it said.
“The rotation in the top seat would unnerve some investors,” Aly-Khan Satchu, chief executive officer of Nairobi-based investment company Rich Management Ltd., said in a phone interview today.
Walmsley will be the third chief executive officer in six years, taking over from Karanja who joined in 2008 when Eric Kimani left after two years, according to data compiled by Bloomberg.
The stock has declined 16 percent this year and is the third-worst performer on the Nairobi Securities Exchange All Share Index.
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