Twiga Foods co-founder and CEO, Peter Njonjo, has stepped down from the company’s board, just a month after the announcement of his six-month sabbatical.
The six-month leave which was initially perceived as a temporary leave for personal reasons has turned out to be a strategic exit, allowing the board ample time to find a successor.
The revelation came to light on January 4th when Njonjo submitted his resignation letter, stating, that the strategic direction and daily operations are now firmly in the hands of Juven and Creadev, and there is little value he could add from this point on.
This unforeseen move was initially reported by Business Daily, marking a significant development in the leadership of one of Africa’s most funded startups.
Twiga Foods, founded in 2014 by Grant Brooke and Peter Njonjo, recently made headlines with a US$35 million funding round led by Creadev and Juven on December 18th, according to Crunchbase.
Peter Njonjo Resigns From Twiga Foods, Quits Board
The financing raised questions about the company’s trajectory, especially with Njonjo’s departure.
Grant Brooke, who led Twiga Foods until 2019, had passed on the CEO role to Njonjo. Brooke, a co-founder, relinquished active management in 2020, stating that his absence wouldn’t disrupt operations.
Njonjo’s resignation, however, adds a new layer of uncertainty to the company’s leadership structure.
In a series of interviews, Njonjo revealed that leaving the board would enable him to “focus on other opportunities that will consume a significant amount of [his] time in the short to medium term.”
Despite the exit, he emphasized that he would remain a significant shareholder, ranking as the third-largest investor after Creadev and Juven.
The departure of a high-profile founder from the upper echelons of Twiga Foods comes at a time when funding for startups has become more challenging.
This trend has led to increased investor influence, with terms often including the reshuffling of top executives in various companies across the continent.
The impact of these developments at Twiga Foods, a company closely watched in the startup ecosystem, is expected to reverberate across the industry.
Some viewed the exits of founders from key decision-making roles as signs of maturity, suggesting that experienced, objective managers are necessary for sustained growth and investor returns.
Others, however, speculate on the potential for boardroom upheavals as external investors exert greater influence on day-to-day operations.
The consequences of Njonjo’s departure remain to be seen, but they undoubtedly mark a pivotal moment in the evolution of Twiga Foods.
