The Nairobi Securities Exchange (NSE) has appointed Frank Mwiti as the new CEO following the exit of Geoffrey Odundo.
In the notice to shareholders Tuesday, the Nairobi bourse says Mwiti will take office effective May 2 following regulatory approvals.
“Following the competition of Mr. Odundo’s tenure, the board of NSE is pleased to announce the appointment of Mr. Frank Mwiti as the new CEO effective May 2, subject to regulatory approvals by the Capital Markets Authority (CMA). The appointment follows a comprehensive and rigorous recruitment process,” the board notice reads.
Odundo’s nine year tenure ends March 1.
He is credited for transforming NSE into a world class exchange.
During the interim period between Odundo’s retirement and Mwiti’s scheduled start date, the Nairobi Securities Exchange (NSE) appointed David Wainaina, the current Chief Operating Officer (COO), as the acting CEO.
The NSE board expressed confidence in Mwiti’s strategic expertise and extensive experience in frontier, emerging, and developed financial markets.
They emphasized that his leadership would be pivotal in propelling the NSE into its next phase of growth.
Mwiti’s appointment comes at a crucial time for the NSE, as both the government and investors are eager to reinvigorate the exchange.
Despite being dominated by a handful of top companies, there is a concerted effort to revitalize the bourse and enhance its competitiveness.
As the new CEO, Mwiti will be tasked with overseeing various initiatives, including the public listing phase of the government’s privatization plans.
This process involves offering state assets to the public or private investors, marking a significant milestone in the NSE’s evolution under Mwiti’s leadership.
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