NCBA Group PLC and NCBA Bank of Kenya have announced leadership changes to their Board of Directors.
In a notice on Friday August 30, NCBA stated that the change of their Boards of Directors follows a 5 per cent increase in 2024 half year profit to Ksh 9.8 billion compared to the same period in 2023.
“The Companies are pleased to announce a strategic realignment of their Boards of Directors following an expansion of their interests and exceptional growth both locally and regionally since the successful merger in 2019 that gave rise to the NCBA Group expertise,” NCBA said.
NCBA mentioned that the Board changes are designed to optimize the collective skills of the Directors and maintain the Group’s legacy of strong corporate governance practices.
It is also meant to ensure that the Companies are well-positioned in the drive towards the next phase of the Group’s growth and long-term sustainability visa vis the established strategic priorities and business objectives.
NCBA Appointments
Kairo Thuo
The Boards of the Companies also approved the appointment of Kairo Thuo to the Board of NCBA Group PLC.
Kairo will consequently cease to serve on the Board of NCBA Bank Kenya PLC.
Thuo has vast experience in law and accounting and is a tax, legal and financial consultant.
He is currently the Managing Partner of Viva Africa Consulting LLP and a Non- Executive Director, Special Economic Zones Authority and Kenya Power and Lighting Company Limited and other companies.
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He previously served as an Associate Director at Deloitte until 2009.
Thuo holds an LLB degree from the University of Nairobi. He is also a Certified Public Accountant and a member of the Institute of Certified Public Accountants of Kenya (ICPAK).
Furthermore, Isaac Awuondo who was the chairman of NCBA Bank Kenya PLC, Maheshchandra Shah and Abdirahim Abdi will continue to serve the Group on the Board of NCBA Bank Kenya PLC, while ceasing to serve on the Board of NCBA Group PLC.
Isaac Awuondo
Awuondo has over 32 years’ experience in the finance and banking sectors spanning Europe and Eastern Africa and has previously worked with BDO Binder Hamlyn, Nation Media Group and the Standard Chartered Bank in various senior executive roles.
He is a member of the Council of Riara University, a Member of the Advisory Board of the Kenya Private Sector Alliance (KEPSA) and a Director of Bata Shoes Company Kenya Ltd.
Awuondo is also Chairman of the Kenya Conservatoire of Music, WWF Kenya, The Rhino Trust and a Trustee of Zawadi Africa Education Fund.
Furthermore, he holds a Bachelor of Commerce (Accounting and Finance) degree from the University of Nairobi.
He is a member of the Institute of Chartered Accountants in England and Wales (ACA) and a member of the Institute of Certified Public Accountants of Kenya (ICPAK).
Abdirahim Abdi
On his part, Abdi served as the Speaker of the East African Legislative Assembly (2007 to 2012), having been a member of the Assembly from 2001.
Abdi also served as the Chairman of the Insurance Regulatory Authority (IRA). He holds a BSc Degree in Business Administration (Finance).
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Maheshchandra Shah
Shah is a Fellow of the Association of Chartered and Certified Accountants (FCCA), member of the Institute of Certified Public Accountants of Kenya (ICPAK) and the Institute of Certified Public Secretaries of Kenya (ICS- K).
He is a former partner of Price Waterhouse and served in various senior executive capacities within the region and in the UK.
He has in-depth professional experience and knowledge of family business management, strategic planning and mergers and acquisitions gained over a period of 39 years.
Shah also served as a non-executive director of the Kenya Revenue Authority (KRA).
Jonathan Somen Exits
At the same time, NCBA announced that Jonathan Somen will cease to serve the Group, following his voluntary request to step down from the Board of NCBA Bank Kenya PLC in order to concentrate on his personal business interests.
Somen is an IT expert and well-known entrepreneur in Kenya. He is the founder and former Group Managing Director of Access Kenya Group Limited, one of the pioneer internet service providers in Kenya.
He is also the founder and director of various companies in the technology industry, including Eldama Technologies Limited and Virtual IT Limited and is a keen sportsman and avid promoter of environmental conservation.
Somen holds a BSc. Degree in Economics and Accounting from the University of Bristol, UK.
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