Stanbic Holdings Plc has announced that its chairman, Kitili Mbathi, will retire at the end of the year after more than 16 years on the company’s board of directors.
“The Board sincerely appreciates Mr. Mbathi for his exceptional service and leadership, commitment and dedication over the years and wishes him the best in his future endeavours,” the company said in a notice to shareholders.
Mbathi joined the board in October 2007 as a non-executive director and was appointed chairman in May 2019. He also served on the board of Stanbic Bank Kenya Limited and was a member of the board nominations committee.
“During his tenure as Director and Chairman of the Board, Mr. Mbathi steered the company through the successful implementation of strategic plans, embedment of sustainability and risk management, among others,” the notice stated.
Stanbic Holdings said the company grew significantly under Mbathi’s leadership, contributing to Kenya’s economic development, supporting the government’s development agenda and driving growth in Kenya and South Sudan.
With Mbathi’s retirement on December 31, the board has appointed Joseph L.O. Muganda as its new chairman effective January 1, 2024. Muganda, an independent director, joined the board in October 2021.
Muganda has over 25 years experience leading companies including British American Tobacco, East Africa Breweries Limited, Nation Media Group and Vivo Energy. He has an MBA from the University of Leicester.
