KenolKobil Ltd., a Kenyan fuel retailer with a presence in nine other African countries, appointed David Ohana as its chief executive officer, replacing Jacob Segman, who retired today.
Segman, who worked at the company since 1990 and served as CEO for 16 years, shepherded KenolKobil through the deregulation of the oil market and led its expansion across Africa, the Nairobi-based company said in an e-mailed statement.
Ohana was previously general manager of KenolKobil’s Kenyan unit, according to the statement. Segman, who was also chairman from 2006 until May, will serve on KenolKobil’s board as special adviser, it said.
KenolKobil said in May it returned to profit in the first quarter after posting a 6.28 billion-shilling ($73 million) loss last year caused by foreign-exchange losses. In March, the company ended 10 months of talks with Trafigura Beheer BV’s downstream unit Puma Energy BV on a possible takeover.
Shares of KenolKobil fell 1.2 percent to 8.8 shillings by the 3 p.m. close in Nairobi. The stock has declined 35 percent this year, compared with a 22 percent increase in the Nairobi Securities Exchange All-Share Index over the same period, according to data compiled by Bloomberg.
KenolKobil made the announcement after trading closed.