If Dr Rachael Gitonga were not the CFO of ZEP-RE (PTA Reinsurance Company), she would run a cafe with a bookshop inside it. She would spend her days running and working out at the gym in the morning, swimming in the afternoon, and taking walks in the evening. That is how much she loves working out.
Speaking animatedly in her Upper Hill office in Nairobi, Dr Rachael Gitonga seems every bit the life of the party, generously sharing anecdotes from her life and career. Surprisingly, she considers herself an introvert.
“So, for example, I really don't like cocktail parties. It stresses me out. When I eventually gather the energy, I show up like the host, but it is not my cup of tea,” she said.
Rachael has always enjoyed solitary activities like reading and listening to podcasts. Growing up, she watched her older cousin graduate with two master’s degrees and earn a doctorate at the age of 35. This spurred her love for learning, which led her to pursue her own doctorate in business administration at the United States International University (USIU) in 2019. Initially, things went well. But she struggled through her research proposal, which she defended unsuccessfully, failing for the first time in her academic life.
“I'm the kind of person who puts in the time and the work. I enjoy rolling up my sleeves. I had worked very hard and liaised with my professors, but it didn't meet the cut. And that was very hard. This failure took a toll on me. And I remember finishing up the proposal, getting the feedback and feeling so down. I went and parked my car and said to myself, ‘I'm not going to do this. I don't need it to keep my job. I don't need it for anything’.” she said.
For a full year after that, Rachael would tear up when she spoke about her doctorate. She was stumped about what she could have done differently. At the time, exciting things were happening at work - ZEP-RE was acquiring a new subsidiary. On a personal front, she had marathons to finish, so she decided to take a break and focus on other wins.
She went through great reflection during the break, taking time to rethink her choices. Conflicted by the fact that a decision to abandon the programme would send the wrong lessons to her sons, she reflected on why she had begun the course in the first place, vowing that nothing would get in her way of her childhood dream. After a one-year break, she resumed with more zest and graduated with a Doctorate in Business Administration – finance option in October 2024.
“I don't even know how I did that, but that experience was so humbling for me because it built the muscles for me to deal with failure, to realise that failing is not the end,” she said.
Although she speaks frankly about her challenging moments, Rachael’s accolades speak for themselves. In November 2024, Business Monthly named her one of the most powerful women in finance in East Africa, a title shared by only 24 others. She also made Nation Media Group’s list of Top 40 under 40 Women in Kenya in 2017 and was a member of the Assurance Kenya IFRS Technical Committee, where she advised on the interpretation and application of International Financial Reporting Standards (IFRS).
New beginnings
The two-time CFO is no stranger to starting afresh. In 2009, when she was appointed as a senior manager at PwC, she was seconded to Johannesburg, South Africa. At the time, her first-born son was only four months old. Johannesburg, with its new clients and new work environment, seemed daunting, and Rachael questioned whether the move was necessary.
“It was a point that was so critical to my future career when I look back because I ended up being very fulfilled and realising great career growth at PwC South Africa. It gave me very good opportunities. I was able to lead large audit engagements and get different experience from my client portfolio back home. On a personal level, being away from home, I had lots of time which I spent also investing a lot on my personal growth. It was great, too, because the access between Joburg and Nairobi was very convenient for us as a family to commute whenever we needed to without having to plan a lot,” she explained.
In the three years she spent at PwC South Africa, Rachael rose to the position of senior manager, even winning the Manager of the Year Award in the Financial Services Insurance and Investment Management (FSIIM) division. After her return to Kenya in 2012, she had her second son and went on maternity leave for five months. During this time, she saw a window of opportunity and began her masters in finance, itching to learn new things. But after 11 years at PwC, she had begun to feel restless.
“I started thinking, ‘what next’? You know, I have come back. I was a senior manager. I am holding on as a senior manager. Is this what I want to do? Do I want to stay in the advisory space? I should probably start thinking about what my career options are. So, I did consider getting out and I thought to myself, ‘yes, it's time to leave the industry to be on the other side of the table, not just advising people on this side and asking questions’,” she said.
At the time of her appointment as CFO at East Africa Reinsurance, her first in an active executive role, she was only 34 years old. Her predecessor, who had been at the company for 25 years, had retired. She found the prospect of filling the shoes of a seasoned executive unnerving, but the CEO mentored her, smoothing her transition into the role.
In 2020, Rachael left the company for ZEP-RE, where she steers initiatives to optimise asset allocation, enhancing the company’s profitability and returns for sustained growth. She also provides detailed financial reporting and analysis to the board, leveraging data for decision-making. For the better part of 2024, Rachael has been leading her team in implementing IFRS 17, the new international financial reporting standard for insurance contracts. She recalls going to great lengths to keep the team motivated, as the project proved especially challenging.
“We've got a great team at ZEP-RE. I have great support from my CEO and the team who were very alert to what the project demanded. We had been pushing through for the whole year, and every time we reached a milestone, something would happen that would require us to do a lot more work. We needed to put in a lot of time and I could see the team pushing so hard, but we were just not progressing as much. And it is the most hardworking team that I've ever seen. People who give selflessly. I remember we used to gather in my office sometimes and I'll tell them, ‘As long as we leave here knowing that we have done our best’. And that kept us going,” she said.
The project took Rachael and her team into unfamiliar territory, demanding a new approach. During this time, she maintained her focus through discussions with her mentor and running, drawing new perspectives from regular physical exertion.
Rachael developed a love for fitness during her university days at the University of Nairobi’s Lower Kabete campus. During her PwC South Africa days, she and her husband would go running in the mornings, a habit that eventually stuck. She is now halfway to earning marathon running's most prestigious award: the Six Star Medal. The medal is awarded to runners who have completed the six world marathons majors: Boston, London, Tokyo, Sydney, New York, Berlin, and Chicago. She has also completed the Nairobi, Kilimanjaro, Vienna, Dubai, and Valencia Marathons.
“I've not done Boston, London and New York, but I've done quite a number of marathons, including the Comrades Marathon. It is 90 kilometres long. You run from Pietermaritzburg to Durban one year, and from Durban to Pietermaritzburg the next. It's an ultra-marathon, quite tough. So that, for me, has been my ultimate achievement in running so far, just pushing myself through and even the courage to try it, because it's quite scary. Even when I think about signing up next year, it kind of gives me chills. I try to see which races fall within a time when I can make it to attend. Next year, I should probably be able to do New York at the end of the year,” she said.
Giving back
Running has also become a way for Rachael to give back to the community. Currently, she is a member of the secretariat of Fitness with David, which brings brands together for charity and organises events for recreational runners. During the Covid-19 pandemic, the group raised funds to buy food packs for struggling families through the ‘Adopt a Family Run’, feeding about 72 households.
She was also part of the team behind the ‘Run Where You Live’ series, the ‘Ignite New Year Run’, and the ‘Nairobi Marathon Relay’, which raised funds for several charity initiatives, including support for women living with fistula. So passionate is she about running and growing others, that she has now introduced her sons and her mentee, HEVA Fund finance director Dr Karimi Ngeera, to running.
“Running is not necessarily easy. But eventually, you come down, and you tell yourself, ‘You know what? I can do this’. And those are the things that have strengthened my mind. Running and fitness have built serious resilience in me, and it has also taught me that I can do whatever I put my mind to, no matter how daunting it looks – from steering strategy, to realising great value for our business during challenging times, to growing Gen-Z teams, to running a 90-kilometre marathon, to achieving my doctorate and a lot in between,” she added.
These are the lessons Rachael has carried into her life, family, and career. She takes great pleasure in seeing teams she has built thrive. Although she is keen to make an impact in the lives of others, Rachael is intentional about taking care of her own wellbeing, which allows her to remain grounded and fully present for the people she leads and mentors.
“So first, it must sit well with me because my inner peace and happiness is very critical. It is in that space that I'm able to inspire other people. I think you can have all the greatest achievements, but if they don't bring you joy and happiness, then that's that. And for me, that is a defining question in my life. That what I do should bring me joy,” she said.
