Nairobi Securities Exchange (NSE) Plc has appointed Frank Mwiti as the new Chief Executive Officer (CEO) effective March 2, 2024.
In a notice dated February 19, NSE Board Chairman Kiprono Kittony said Mwiti will succeed Geoffrey Odundo who will leave office on March 1, 2024.
The Board notified the company’s shareholders, stakeholders and the public that Odundo will complete his tenure having served for nine years as NSE CEO.
“Following the completion of Odando’s tenure, the Board of Directors of the NSE is pleased to announce the appointment of Mr. Frank Mwiti as the CEO of the NSE effective 2 May 2024, subject to appropriate regulatory approvals by the Capital Markets Authority. The appointment follows a comprehensive and rigorous recruitment process,” read the notice in parts.
Acting CEO
To further support an efficient management transition between Odundo and Mwiti, the Board has appointed David Wainaina as the Acting CEO effective March 2, 2024, up to May 1, 2024.
Wainaina is the current NSE Chief Operating Officer with over 18 years’ experience in the capital markets.
He has been central in the implementation of key projects, including the automation of the equities and the fixed income (Bonds) markets, at the Bourse.
New NSE CEO
Kittony described Mwiti 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 is the outgoing Partner and Eastern Africa Markets Leader for Ernst & Young (EY).
He is responsible for leading strategic business development of EY’s assurance, tax, consulting strategy and transactions services across Kenya, Ethiopia, Uganda, Tania Rwanda Burundi and South Sudan.
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“The Board is confident of Mwiti’s strategic capabilities and exceptional experience in frontier, emerging and developed financial markets and will play a critical role in accelerating the nest phase of growth of the NSE, as well as support Government’s capital markets agenda,” read another part of the notice.
Previously, he worked as Manager, Banking and Capital Markets Advisory at PricewaterhouseCoopers (PwC) and EY United Kingdom (UK), as well as an Associate Director, investment Banking at UBS, UK.
“The Board is delighted to welcome Mwiti to the NSE and will accord him the necessary support to implement strategic initiatives that will accelerate the company’s growth and enhance Konya’s appeal to international investments,” added the Board.
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Mwiti equally served as a Management Consultant, investment Banking at Deutsche Bank, UK and as Chief Executive Officer and Managing Director, Abrika Kapital, UK.
He was involved in advising Deutsche Bank and Lloyds Banking Group on a wide array of financial products including Forex, Equities, Fixed Income, Commodities and Synthetics & Listed Derivatives in London, New York, Frankfurt, Singapore, Moscow and Hong Kong.
Outgoing CEO
NSE Board appreciated Odundo for his dedicated service and stellar performance during the nine years.
According to the Board, the exiting CEO transformed the NSE into a world class exchange anchored on a wide variety of globally accepted investment products and cutting-edge technology.
“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,” said the Board.
NSE revealed that Odundo has been instrumental in commercializing the Exchange which is today a publicly listed company with ownership interests in the region.
