Twiga’s CEO and co-founder, Peter Njonjo, has stepped down from the company’s board, stating he can contribute only “very little value” in the future.
This follows reports of him being ousted as CEO last year. Njonjo, who founded Twiga in 2013, led the company until December 2023, when he announced a six-month sabbatical, suspected to be a cover for his eventual exit.
Investors Creadev and Juven, involved in a $35 million funding round, seemingly influenced Njonjo’s departure.
In a letter dated January 4, 2024, Njonjo mentioned that Juven and Creadev now handle the strategic direction and daily operations.
Despite initially resigning, Njonjo agreed to a six-month transition at the board’s request.
Njonjo closed a $35 million convertible bond just before his sabbatical to settle vendor obligations. Although he contributed $1 million to the funding round, there are concerns about unpaid suppliers, with one in litigation.
Njonjo, looking ahead, plans to be a supportive shareholder and explore new opportunities.
Notably, Yebeltal Getachew, hired in 2021 as Twiga’s head of East Africa business, also left the company in December 2023 amid its challenging times.
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