Britam Holdings is beginning to vet individuals for redeployment to other roles or exit under a voluntary early retirement plan.
10 positions are being targeted in the shake-up including those of, the principal executive director, chief of staff, group chief operating officer, corporate affairs director, marketing director, commercial director, legal and company secretarial. Others are the chief executive roles for the insurer’s life, general and asset management businesses.
The intended clean up will shed upto 138 posts at a cost of up to Sh700 million.
“The business appears to be top-heavy, driving operational costs even higher,” the insurer said in a recent statement.
This restructuring comes after that of KCB group that saw up to 15 executive directors’ scrapped off of their posts, as well as that of Britam in 2018, where the insurer spent Sh664 million to let go of 110 employees.
Employees whose roles are likely to be affected, have been advised to apply for the voluntary early retirement by the insurer.
A source familiar with the matter said the insurer plans to pay 30 days for each year worked or double the legal requirement.