Wilfred Murungi retires from ARM Cement

Kenyan billionaire Wilfred Murungi has parted ways with ARM Cement Ltd, ending his 24 years of tenure as a director at the cement producer.

"I wish to inform all shareholders that after 24 years period serving as a director of ARM Cement PLC, and briefly as Board Chair, I will officially be retiring effective 13 August 2018," Murungi said in his announcement.

"In the period I have served in the Board, I have seen the Company experience tremendous growth from a small plant producing 200 tonnes of cement per day, to the giant enterprise it is today producing 8,000 tomes of cement per day, certainly one of the largest cement producers in the East African region," he added.

He leaves the company at a time when it is struggling to remain afloat during challenging times of increased competition.