In a surprise executive shake-up, Uganda Electricity Transmission Company Limited (UETCL) has announced the resignation of its Chief Executive Officer, Mr. Joshua Karamagi, CFA.
The Board of Directors accepted his resignation and has immediately appointed veteran power sector engineer, Richard Matsiko as Acting CEO.
Karamagi’s exit marks the end of a pivotal chapter for UETCL, the country’s state-owned electricity transmission backbone.
Karamagi presided over transformative infrastructure projects including the Gulu–Agago 132kV and Kole–Gulu–Nebbi–Arua 132kV lines — developments that have significantly expanded grid access in Uganda’s underserved regions.
He also championed the company’s five-year corporate strategy, cementing UETCL’s role in Uganda’s energy transition and regional power integration.
“We thank Mr. Karamagi for his significant contribution to UETCL. His impact will be remembered for years to come,” said UETCL Board Chairman Kwame Ejalu in an official company statement.
“I trust you will all join the Board in wishing him the best in his future endeavors.”
Karamagi’s parting shot
“A great business opportunity within my line of profession has come up, and it cannot wait. After spending over 20 years at the C-Suite level, I have carefully reviewed this opportunity and decided to take it on. I have explained my position to the board, and they have understood and accepted my resignation,” Mr Karamagi told the CEO East Africa Magazine in a phone conversation.
“For the time I have been in office, I have deliberately built a strong team, and I am confident that the people I leave behind are capable of continuing the mission and vision that we started,” he added.
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In appointing Eng. Richard Matsiko as Acting CEO, the Board noted that it has opted for continuity, experience, and technical depth.
With over three decades in the electricity supply industry, Matsiko is no stranger to the challenges and opportunities within Uganda’s energy landscape.
Starting as a trainee electrical engineer at Uganda Electricity Board in the late 1980s, he joined UETCL in 1991 and rose steadily to become Principal Protection Engineer and later, Deputy CEO.
Highly respected in policy and engineering circles, Matsiko has chaired strategic committees including the Power Purchase Agreement Committee and the team driving delivery of the flagship UETCL Towers project — initiatives crucial to Uganda’s national development agenda.
His appointment signals a steady hand on the tiller at a time when UETCL is navigating an era of increased demand for grid modernisation, power reliability, and cross-border energy trade under the East African Power Pool.
The leadership transition also comes amid heightened focus on Uganda’s energy infrastructure and regional power integration.
Stakeholders and public will now watch closely to see how Eng. Matsiko steers the company in the interim, and whether the veteran engineer will be confirmed for the role permanently.
