The Nairobi Securities Exchange (NSE) has announced a leadership transition, with the outgoing Chief Executive Geoffrey Odundo set to retire on March 1, 2024, after nine years at the helm, and Frank Mwiti appointed as the new Chief Executive effective May 2, 2024.
In a public notice, the NSE Board of Directors praised Mr. Odundo for his “dedicated service and stellar performance” as Chief Executive. “Through his pioneering vision, he has transformed the NSE into a world class exchange anchored on a wide variety of globally accepted investment products and cutting-edge technology,” the notice stated.
The Board highlighted Mr. Odundo’s achievements, including the introduction of Real Estate Investment Trusts (REITs), Exchange Traded Funds (ETFs), a Derivatives Market, Green Bonds, the Jbuka Program, and the Unquoted Securities Platform. “He has also championed the Sustainability agenda in the capital markets, especially the issuance of the NSE Environmental, Social and Governance (ESG) Disclosures Guidance Manual,” the notice added.
Commenting on Odundo’s departure, Board Chairman Kiprono Kittony said, “The Board would like to extend its sincere appreciation to Odundo for his dedicated service and stellar performance as the Chief Executive. The Board wishes Odundo well in his future endeavours.”
The Board announced the appointment of Frank Mwiti as the new Chief Executive, describing him as “a dynamic and accomplished business leader with more than two decades of diverse and international professional experience in strategy, governance, business development, risk management, corporate finance, mergers & acquisitions and performance improvement.”
Mwiti, the outgoing Partner and Eastern Africa Markets Leader for Ernst & Young (EY), has held several senior positions in the financial services sector, including roles at PricewaterhouseCoopers (PwC), UBS, Deutsche Bank, and his own firm, Afrika Kapital.
“The Board is confident of Mr. Mwiti’s strategic capabilities and exceptional experience in frontier, emerging and developed financial markets and will play a critical role in accelerating the next phase of growth of the NSE, as well as support Government’s capital markets agenda,” the notice stated. Chairman Kittony added, “The Board is delighted to welcome Mr. Mwiti to the NSE and will accord him the necessary support to implement strategic initiatives that will accelerate the company’s growth and enhance Kenya’s appeal to international investments.”
To facilitate a smooth transition, the Board has appointed David Wainaina, the current NSE Chief Operating Officer, as the Acting Chief Executive from March 2 to May 1, 2024. “He has over 18 years’ experience in the capital markets and has been central in the implementation of key projects, including the automation of the equities and the fixed income (Bonds) markets, at the Bourse,” the notice stated.
The Board concluded by reiterating its commitment to ensuring a “vibrant, innovative and an attractive platform for capital raising,” and pledged to continue working with stakeholders to deepen the Kenyan capital market and deliver on the Government’s economic agenda.
