Equity Bank names Polycarp Igathe new MD for Kenyan operations
Updated on: 21/09/2018
Mr James Mwangi, who has been the managing director of both Equity Bank Kenya and Equity Group Holdings, will now only head the parent company which is listed on the Nairobi Securities Exchange. The changes effected by Equity are part of reforms being undertaken by Kenyan multinational banks to boost management focus of the subsidiaries and their supervision by their parent companies.
Other banks that have started or completed similar operational and management changes include KCB Group , I&M Holdings and NIC Group. –Business Daily
Polycarp Igathe resigns as Nairobi Deputy Governor
Nairobi Deputy Governor Polycarp Igathe has resigned. The Deputy Governor claimed that he has failed to earn the trust of Governor Mike Sonko to enable him work at the county.
“Dear Nairobians, it is with a heavy heart that I resign my seat as elected Deputy Governor of Nairobi City County effective 1pm on 31st Jan 2018.
“I regret I have failed to earn the trust of the Governor to enable me to drive Admin & Management of the county. Without fear, favour or ill will I step down to avoid abusing or betraying my oath of office to Kenyans, Nairobians and my family. Thank you for the encouraging support given to me so far,” he said in a post on his Twitter account.
City stares at crisis as Polycarp Igathe ditches Sonko
Mr Polycarp Igathe on Friday resigned as deputy Governor of Nairobi, a culmination of months of unease in relations with his boss Mike Sonko.
In a terse letter addressed to Mr Sonko, Mr Igathe said he was resigning effective 1pm on Wednesday, January 31 and thanked him for the opportunity to work as his deputy.
“Serving Kenyans in Nairobi under your leadership has been an honour and distinct privilege. I am grateful to Nairobians and yourself for giving me the opportunity to serve,” he wrote.
But on his Twitter page the Mr Igathe was more clearer, writing: “Dear Nairobians, it is with a heavy heart that I resign as elected deputy governor of Nairobi County effective 1pm on 31st Jan 2018. I regret I have failed to earn the trust of the Governor to enable me to drive the administration and management of the county.”
Polycarp Igathe Vision
Mr Igathe had spent the better part of Friday morning at NTV studios at Nation Centre, where he enumerated the vision he and Mr Sonko had for the city. There was no hint of sour relations between him and Mr Sonko in the interview only for him to write NTV a text message shortly after 6pm saying he had resigned. Mr Sonko was swift in releasing his own statement an hour later.
“Governor Mike Mbuvi Sonko has received a letter of resignation from Deputy Governor Polycarp Igathe. The governor is considering the letter and will issue a comprehensive statement later,” read a statement from City Hall.
The law remains unclear on what happens when there’s a vacancy in the deputy governor’s office. A proposed bill by Senate Deputy Speaker Kithure Kindiki and Majority Leader Kipchumba Murkomen on the process of appointing a deputy governor is yet to be debated by Senate.
Having been plucked from Vivo Energy as CEO, Mr Igathe was seen as a balancing force to the flamboyant Sonko; indeed the governor had indicated that his deputy would be a policy wonk as he toured the city to ensure field work was being implemented.
Polycarp Igathe _ Petition Dismissed
Their reign appeared assured after the High Court on Tuesday dismissed a petition that had been lodged by two voters challenging the election of Mr Sonko. This was not to be as signs of an uneasy relationship have been visible since the day they were sworn in.
When press reports emerged that the governor was unhappy with his deputy, he publicly revealed a series of WhatsApp conversations he had with Mr Igathe to prove all was well. But to keen observers the Mr Igathe’s responses to queries from his boss showed a subdued and subservient deputy governor.
A source at City Hall said the resignation came as a surprise to all including State House and his supporters. “This was a surprise to even me. State House and the governor did not expect this,” said the source
Friday’s resignation was a culmination of private sulking by Mr Sonkos aides that powers beyond him have been making decisions for his nascent administration.
Polycarp Igathe – Elachi
From choice of deputy governor, election of county Speaker, nomination of county secretary and Mr Sonko’s manoeuvres, sources claimed everything appeared to be remote-controlled from State House.
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Although his support for President Kenyatta has never been in question, his aides now say he is increasingly feeling managed, way beyond his comfort.
Mr Sonko’s aides, who did not wish to be named due to the sensitivity of the matter, said they felt he was no longer his own boss as he had to work closely with national government.
Last year when Jubilee set out to capture the seat from ODM’s Evans Kidero, Deputy President William Ruto stated that Nairobi would be led by a Jubilee governor no matter the circumstances.
Soon after Jubilee won the governors seat, including the majority in the county assembly, the ground under Mr Sonko’s feet is said to have started to shifting. Jubilee MCAs were instructed by President Kenyatta to elect former nominated senator Beatrice Elachi as their Speaker. Now it is emerging Mr Sonko was not consulted.
Source Daily Nation
Polycarp Igathe Biography
Polycarp Igathe is the managing director of Vivo Energy Kenya, the distributor and marketer of Shell-branded fuels and lubricants. Igathe is the current chairman of the Kenya Association of Manufacturers and a director at the Kenya Private Sector Alliance, the apex body for the private sector in Kenya. Before joining Vivo Energy, Igathe was the regional managing director for East Africa at fast-moving consumer goods manufacturer Haco Tiger Brands.
Polycarp Igathe Biography
Polycarp Igathe graduated from the University of Nairobi in 1995. While in university, he was the president of AIESEC. He got his first job in Australia working for Queensland Health as finance officer.
After a year-and-a-half, Polycarp Igathe came back to Kenya and got hired by Coca- Cola where he worked until 2000. He then joined AfricaOnline as a sales and marketing manager before joining Kenya Breweries Limited as sales operations manager and then as marketing manager. Polycarp Igathe last job before Vivo was with Haco, where he did 10 years.
Polycarp Igathe Biography – Interview
Interviewer: Which part of your career journey have you enjoyed the most?
Polycarp Igathe: Listen, I have enjoyed my career, learnt every step of the way. I started off in the more simple roles and moved up. I have been promoted every six months in every role I have been. It’s been fantastic but I have also been extremely lucky, thanks to God.
I interviewed one chap who kept saying, “have you interviewed Polycarp? You have to interview Polycarp. Polycarp is a genius. Please interview Polycarp!” Jesus! What makes you stand out?
Polycarp Igathe: (Laughs) I wonder who that was. I think simplicity and courage make me stand out. I’m very clear who I am and what I’m about, I speak plainly and that, at times, wins me enemies at the beginning and plenty of friends at the end.
Interviewer: What have you learnt in your career so far?
Polycarp Igathe: That honesty pays, and that time is your friend not your enemy and that you just have to keep at it with diligence. If you wake up every day playing at the top of your game, you will grow. If you think you are hot because of what you achieved yesterday, you will die. While at it, don’t forget to give thanks every day.
Interviewer: What’s your weakness as a leader?
Polycarp Igathe: I think I need to be more sensitive to the fact that the Kenyan culture is to embellish things. When there is a big problem, Kenyans will always say there is a bit of a problem. When I see the scale of things, I try to describe them how I see them. My weakness is that I need to become more aware of my impact on other people. Sometimes, I’m known for being blunt which I want to think of as plain-speaking.
Interviewer: Does that hurt your business relationships?
Polycarp Igathe: No, I find that in the long run, it serves me well, but in the short-term, it sometimes gets me into situations where people don’t get it. I’m not rude, there is a difference. I’m also lucky I’m married to a woman like that. My wife Catherine, she is also very plain spoken. We are Dutch! (Laughs).
Interviewer: What’s been the most challenging period for you professionally?
Polycarp Igathe: When I was working at Breweries, standing in role as marketing director. I was working for people who were too political. I felt like I was reporting to Parliament and I’m very weak in politics.
Another challenging period was managing Haco during the post-election violence. Imagine running a whole factory of 800 livelihoods and for two months, you haven’t shipped a single product! Managing a business at that time was trying. That’s when I really understood what political risk means for enterprise. Any businessman who pretends that politics is irrelevant is lost; stay close to it so that you are warm and stay far from it so that you don’t get burnt.
Polycarp Igathe Family
Interviewer: What’s your biggest fear?
Polycarp Igathe: To be a failure as a husband and a father. I don’t care if I fail as a businessman. I have three kids, two girls and one boy, the oldest is 14 and the youngest is four.
Look, I’m very clear on the roles I have served in as a CEO. When I read my letter, it says I have been appointed to the role, so it’s a role I’m playing. The reality is that I’m a father who must provide and care and protect and nurture, and I’m a husband who swore in public to love and hold till death does us part. I will not fail in that.
Interviewer: What do you struggle with as a father?
Polycarp Igathe: I think it’s time. As a father, you have to provide but also I don’t want to end up with my children calling me a banker – that’s my biggest fear by the way! (Laughs). So far so good.
Interviewer: And your struggles as a husband?
Polycarp Igathe Wife Catherine Igathe
Catherine Igathe is Currently General Manager – Distribution Kenya and Agency Channel Lead for Africa at AIG. Catherine Igathe has 18 years’ experience, 12 of which have been in Senior Management roles. She is an International Business Administration Graduate from United States International University – Africa. Catherine is also a Graduate of the Advanced Management Programme from Strathmore Business School and IESE Business School, Spain. Catherine Igathe serves in various committees at AIG which include Diversity & Inclusion and Executive Development Council.
Polycarp Igathe: Making quality time in the rush of life, making sure I keep dating Cathy every day. She remains the love of my life. I introduce her as “my life” and so making sure that I spend time with her is paramount, which means no late evening meetings. I say no to those. The word ‘no’ is my friend.
Interviewer: What special thing have you done for her?
Polycarp Igathe: Bought her a brand new car, and taken her along to dream trips and hey, I have given her three fantastic babies! Come on. (Laughs). I think giving her babies is the most fantastic thing I have done for her.
Interviewer: Last time I met you, a few years back, you were quite heavy. Now you’ve lost some weight, haven’t you?
Polycarp Igathe: It’s funny you should say that because I have lost 20kgs. As I was approaching my 40s, I said I had enjoyed my steaks too much and had to lose weight. This transformation started at the age of 38. I stopped eating carbohydrates as much, but I’m battling with it. I still can’t seem to avoid chapatis.
Interviewer: Hell, who can?
Polycarp Igathe: Oh yes, I can’t also seem to avoid ugali, matumbo and sukuma wiki. (Laughs) Sometimes I say in this life I’m not going to be the last one out. I will go for one reason or the other. I went through a period of one year without carbs, I just [whistles] whittled down. But I enjoy exercise.
I hate the gym though, so I don’t do gym. I run in a forest. I love running in Windsor Country Club. Every evening or weekends you will see me at the golf course running. They always say that’s the guy who pays to run on the golf course instead of playing golf, which I’m hopeless at.
Polycarp Igathe: I love my Tusker. I told you I used to work for Breweries. I like to socialise. People think I’m a golfer because I hang around lots of golfers. My golf club is Ruiru Golf Club.
Polycarp Igathe Father – Not Chris Kirubi
Interviewer: What’s the greatest misconception people have of you?
Polycarp Igathe: That I’m rich. (Laughs). And that I’m Chris Kirubi’s son. (Laughs). Kenyans think that if you work in a company diligently for long, a company owned by someone else, you can only be their son. But you know, I love it. I get bought a lot of drinks as a result.
When I run into people who want to associate with me because of that myth, oh I take advantage of it and just order a very expensive whisky. You know how Kenyans like to hang out with the who-is-who. I’m born and raised in Ruiru 145. Those are my matatus. That’s home. And there, simplicity is key.
Interviewer: Greatest regret in life?
Polycarp Igathe: I don’t have any regrets. I get a punch, I dust my pants and move on. I’m lucky that way.
Interviewer: Passions away from all these corporates?
Polycarp Igathe: I love road trips, I love to travel. That and books. I immerse myself into plenty of books.
Interviewer: What has been the one place that made the biggest impression on you. That and the one book that you can’t forget in a hurry.
Polycarp Igathe: I think the place I love going back to is Nanyuki, just sitting at the foot of Mount Kenya… it’s fabulous. I love the whole Timau area. The book is Atlas Shrugged by Ayn Rand. It’s an amazing book about a fictional character called John whose sign is a dollar… you should read it.
Interviewer: How do you relate with this main character?
Polycarp Igathe: I mean this guy just manages to navigate his life in a tactful way that I find impressive in a world where bad actors win and good actors lose.
Interviewer: Are you a good or a bad actor?
Polycarp Igathe: I think I’m a good actor.
Interviewer: So you are going to lose?
Polycarp Igathe: I think so. That’s the thing with this country. When you are a good actor, it takes you very long to win and you are dismissed as a fool. But eventually you win because at the end of the day, how many beds do I need? How many houses do I need? I’m not greedy. I don’t believe in acquiring things for the sake of it.
Interviewer: What’s your greatest extravagance?
Polycarp Igathe: I think my vanity is a car.
Interviewer: What are you driving now?
Polycarp Igathe: A Range Rover, a Classic Vogue. That’s my vanity. I love it because I love road trips and travel a lot. I said, let me reward myself after working so hard for all these years.
Interviewer: What does the car say about you?
Polycarp Igathe: I don’t know what it says about me, but I hope it says that I spend a lot of time in traffic and I like to enjoy the comfort.
Interviewer: What are you struggling with at your age?
Polycarp Igathe: I think I’m struggling with the kind of legacy I will leave for my kids… societal values. Our national manners have eroded so much over time. Question is, how do I make them survive in a society like this? I need them to be streetwise.
Interviewer: How do you want to grow old?
Polycarp Igathe: With Cathy.
Interviewer: Cathy seems to be quite something, eh?
Polycarp Igathe: Yes, she is. It’s because she is such a smart girl. Not only is she beautiful but she is also smart. You know there are many beautiful girls who aren’t smart? I mean I just can’t understand how someone can be beautiful and not smart. She has been at the heart of my success. She’s the core. The engine.
Polycarp Igathe Twitter
Polycarp Igathe News
Polycarp Igathe quits Vivo to take up Mike Sonko offer as running mate for Nairobi governor seat.
Polycarp Igathe has quit his position as CEO of Vivo Energy Kenya, operator of Shell outlets, after being named as running mate for Nairobi governor seat aspirant Mike Sonko.
The announcement Wednesday by Mr Igathe appeared to have been an abrupt change of mind after the company had stated that he would stay at the company’s corner office until the August 8 General Election.
“I have taken a leap of faith; I have left a job in the private sector to come into the political arena because I represent all small, medium and big business interests who clearly know this city is 60 per cent of the GDP of our country. It can no longer be left in the hands of people who have no clue,” said Mr Igathe at the Jubilee party headquarters in Nairobi.
There are no regulations that compel private sector workers to quit their jobs to join politics.
Industrial Court judge Njagi Marete in February suspended a law that requires public officers to quit office six months to a General Election, saying they should only leave after party primaries.
In a staff memo, Mr Igathe revealed he had spoken to Christian Chammas, group CEO of Vivo Energy about his political ambitions.
“Christian has given me his full support and I am excited about the opportunity to move into a political career,” he told employees.
Some of Mr Igathe’s roles will be undertaken by David Mureithi, executive vice president at Vivo, according to the leaked memo. Vivo Energy has 180 outlets in Kenya.
“Naturally I will need to spend some time campaigning over the next three months. David Mureithi has agreed to provide additional support to Vivo Energy Kenya, as required.”
Polycarp Igathe Video
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