KCB Boardroom Coup Backed by President Ruto

A recent boardroom coup at the Kenya Commercial Bank (KCB) is believed to have been triggered by a power struggle between President William Ruto and the former government of President Uhuru Kenyatta. The coup led to the removal of four directors, including the chairman of the board, and their replacement with new appointees. The most recent one is the appointment of former head of public service, Joseph Kinyua, to the KCB Board. The move has raised concerns about corporate governance and the independence of the bank.

“The National Treasury do hereby notify the KCB Group PLC Board of support to Mr Joseph Kinyua as the new KCB group PLC chairman. The appointment of Mr Andrew Kairu will therefore lapse on the back of Mr Kinyua’s fit and proper test,” said Prof Ndung’u in the letter sent to the bank on March 22.

The KCB is Kenya’s largest bank by assets, with a market capitalization of Ksh 149 billion. The bank is also one of the largest in the region, with a presence in several countries, including Tanzania, South Sudan, and Uganda. The bank has been performing well in recent years, with strong profits and a growing customer base.

Read: Joseph Kinyua Appointed to the KCB Board of Directors

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The coup was reportedly orchestrated by a team of insiders aligned with President Ruto, who is widely expected to run for president in the 2027 upcoming elections. The team is said to have been unhappy with the composition of the board and had been pushing for changes for some time. The coup was carried out during a board meeting on March 24, 2023, with the new appointees immediately taking over their roles.

The move has been met with mixed reactions, with some analysts expressing concern about the impact on the bank’s reputation and operations. The KCB has emphasized that the new board members are qualified and experienced professionals who will uphold the bank’s values and interests. The bank has also stated that it remains committed to good corporate governance and transparency.

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