Kenya's Uchumi says sacks CEO for "gross misconduct", shares dip 9%

by Reuters 0

Kenya's Uchumi Supermarkets Ltd said on Monday it had sacked its CEO.

Kenya’s Uchumi Supermarkets Ltd said on Monday it had sacked Chief Executive Jonathan Ciano and the company’s chief finance officer for “gross misconduct and gross negligence”, sending its shares tumbling.

Separately, Ciano told Reuters he had handed in his contract termination to the Uchumi board and “they gladly accepted it”, without elaborating further.

At 1025 GMT, Uchumi shares were trading 8.65 per cent lower at 9.50 shillings.