Just one month after Twiga Foods announced he would be taking a sabbatical, co-founder and CEO Peter Njonjo resigned from the board.
The B2B marketplace platform revealed that Njonjo would be taking a six-month hiatus in the middle of December.
It has now been established that the departure was, in fact, for a six-month period, giving the board time to choose a new CEO.
Crunchbase, an industry website, reports that the company announced on December 18th that it had completed a $35 million new funding round led by Creadev and Juven.
“There is little value I can add from this point on as the strategic direction and daily operations are now firmly in the hands of Juven and Creadev,” Njonjo wrote in a Jan resignation letter. This development was first reported by Business Daily.
“I would like to leave my position as a Twiga Holdings director. I will continue to be a devoted Twiga shareholder as a Founder,” he continued.
Grant Brooke and Peter Njonjo founded Twiga Foods in 2014, making it one of the most funded startups on the continent.
CEO Brooke ran the business from 2013 until his resignation in 2019, at which point Njonjo took over.
Njonjo had previously served as non-executive director of Twiga Foods and president of the multinational Coca-Cola company in West Africa.
Early in 2020, Brooke announced her resignation from active management, stating, “I think we’ve reached a point where my not being present won’t cause any disruption.”
Njonjo stated in interviews with the publication that he could now “…focus on other things” as a result of his resignation. He also pointed out that he’d remain a significant shareholder; he is the third largest investor after VC firms Creadev and Juven.
Credit: Morris Kiruga
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