Kenya Commercial Bank (KCB) Group Chief Executive Officer Joshua Nyamweya Oigarais set to exit from the lender this month.
Paul Russo, currently the managing director of the National Bank of Kenya, is set to take over from Oigara who is leaving after a 10-year tenure.
Oigara, who has been at the helm of KCB since January 1, 2013, was due for official retirement on December 31 this year.
The 47-year-old Oigara is Kenya’s second-highest-paid CEO at Ksh22 million per month.
Oigara has steadily steered KCB in the last nine years and five months, taking the lender from a profit mark of Ksh14.3 billion in 2013, when it registered a 17 percent profit, to Ksh34.2 billion net profit as of December 31, 2021, riding on an economic recovery across markets.
The group successfully completed the acquisition of BPR Rwanda on July 31, 2021, and Oigara kicked off integration activities that will see the amalgamation of the bank and KCB Rwanda into a single banking business.
During his tenure, KCB Group managed to accumulate a huge regional customer base with 26.8 million accounts and 4,900 employees in 222 branches with Kenya leading with 178 branches, 20 in South Sudan, Tanzania 12, Uganda 14, Rwanda 11 and Burundi with one.
Oigara holds a Bachelor’s degree in Business Administration and a Master’s degree in Business Administration in Strategic Management and Investments from Edith Cowan University in Australia.