Chair of Board of the Year 2024

#1

SHAKA KARIUKI

Architect of Transformation

“I am the master of my fate; I am the captain of my soul.” These are lines from the famous poem Invictus by William Ernest that Shaka Kariuki abides by. He believes that this journey we call life is not a 100-metre dash but rather a marathon that begins with a single step. He
takes a similar approach when it comes to turning around businesses and taking them to the next level of profitability.

Shaka Kariuki

Shaka Kariuki is a globally renowned businessman and investor, currently holding the position of Chair of the Board at TransCentury PLC. This investment holding company, headquartered in Kenya, focuses on infrastructure within the Energy, Transport, Water, Industrial and Agriculture sectors. Listed on the Nairobi Securities Exchange (NSE), the company extends its investments across East, Central and Southern Africa.

Upon taking on the Chairmanship role in 2017, Shaka leveraged his extensive experience of over 25 years in global finance and private equity to identify critical areas for attention. Foremost among these was strengthening TransCentury’s governance, which involved a comprehensive restructuring of the boards both at the Group and subsidiary levels, with a keen emphasis on diversity in skills and experience. In pursuit of robust governance, Shaka implemented crucial decisions on reserved matters, including amendments to the capital structure, capital allocation, and the appointment of key management personnel and business strategy. This groundwork laid the foundation for TransCentury’s subsequent fundraising strategy, positioning the business to attract necessary funding. Shaka expresses satisfaction with the transformative impact of these decisions, which have led to the successful conclusion of a Rights Issue.

The primary objective of this initiative has been to reduce debt and furnish TransCentury’s underlying businesses with essential working capital, paving the way for their flourishing. Maintaining a positive outlook on the investment, he remains optimistic about the promising prospects within the infrastructure space and the opportunities in sub-Saharan Africa (SSA). He is particularly enthusiastic about investing in a region where infrastructure displays under-penetration and inefficiency, making it a priority for major governments. Shaka emphasises the need for a clear strategy, strong governance, and a longer-term view to address challenges, steering TransCentury in this direction as Board Chair.

A man of many facets, donning various stylish hats, Shaka also serves as Chair of the Competition Authority of Kenya, an appointment bestowed upon him by the President of Kenya, H.E William Samoei Ruto in 2023. In this capacity, Shaka has breathed fresh air into the Authority, sparking increased motivation within the workforce. The Authority’s revitalisation is evident in the recent enforcement actions against businesses that were considered to have violated competition regulations. This proactive stance serves as a testament to Shaka’s commitment to upholding ethical standards and ensuring fair competition in the market.

In his capacity as Co-Chief Executive Officer (Co-CEO) and Chief Investment Officer (CIO) at Kuramo Capital Management, Shaka plays a pivotal role in this renowned platform, proudly recognised as Africa’s leading independent multi-asset class Investment Manager. Positioned as a key investment partner with strong on-the-ground presence, Kuramo Capital empowers institutional investors to deploy significant investment capital across SSA. Supported by a strong management team with robust local and global networks, Shaka has been instrumental in shaping the private equity landscape, overseeing nearly $500 million of investments, and catalysing approximately $3 billion of investment capital for African private equity firms and businesses over the past decade.

Kuramo extends its investment footprint into more than 20 countries across SSA, showcasing a broad presence that aligns with Shaka’s strategic vision and the company’s commitment to unlocking potential across diverse markets. In 2022, Shaka garnered acclaim for his noteworthy leadership and contributions to the investment realm, receiving the prestigious East Africa Leadership Award from the East Africa Venture Capital Association (EAVCA).

Shaka holds prominent roles as Vice Chair at GenAfrica, Platcorp Holdings and Sterling Capital in Kenya. He also serves on the Boards of Directors at the Brigham Young University (BYU) Marriott School of Management in the US, Nas Foods in Ethiopia, and Maku Holdings LLC – an affiliate of Huileries du Congo (PHC), the largest Agribusiness company in the DRC. Shaka attended Jamhuri High School for his secondary education. He went on to pursue his undergraduate studies at BYU, followed by postgraduate studies at Harvard University. Subsequently, he assumed leadership roles at prominent US companies, notably serving as a Portfolio Manager of Global Private Equity, Head of Fixed Income and Head of Emerging Markets across asset classes at the $9 billion Deseret Mutual Benefit Administrators (DMBA).

During his tenure at DMBA, Shaka led investment efforts in developed and emerging markets, including the UK, Canada, New Zealand, Australia, Philippines, Samoa, and Africa. Before joining DMBA, he contributed as a senior member of the Global Finance team at Agilent Technologies, overseeing finance teams in Asia, Europe, Japan and the US. Prior experiences also include serving as an Associate in the Investment Banking Division of First Security Van Kasper and working in the Mergers and Acquisitions department at Choice Hotels International. Beyond his professional achievements, Shaka embraces a diverse set of interests.

An avid mountain climber, he has conquered peaks like Mt. Kilimanjaro and Mt. Diablo in California, US, and has participated in events like the New York Marathon. In his leisure time, Shaka enjoys a round of golf and dancing when the opportunity arises. A poetophile at heart, Shaka sums up his life experience in yet another famous poem by Robert Frost:

“The Road Not Taken”
I shall be telling this with a sigh
Somewhere ages and ages hence:
Two roads diverged in a wood, and II took the one less travelled by,
And that has made all the difference.