The Nairobi Securities Exchange (NSE) has appointed Liaison Group Chief Executive Officer Tom Mulwa as its new Board Chairman, marking a leadership transition at Kenya’s bourse as he takes over from Kiprono Kittony.
In a statement issued on July 2, the Nairobi Securities Exchange (NSE) announced the appointment of Tom Mulwa as its new Board Chairman, effective July 13, 2026.
He will succeed Kiprono Kittony, whose term as Chairman and Independent Non-Executive Director ends on July 12, 2026.
“Effective 13 July 2026, Mr. Tom Mulwa has been appointed Chairman of the NSE Board, succeeding Mr. Kiprono Kittony, EBS, who retires as Chairman and Independent Non-Executive Director effective 12 July 2026 following six years of distinguished leadership,” the NSE statement read in part.
Tom Mulwa Succeeds Kiprono Kittony as NSE Board Chairman
NSE confirmed that Mulwa joined the Board as an Independent Non-Executive Director in September 2025, noting that he brings more than 30 years of experience in the financial services sector.
Tom Mulwa holds a Bachelor of Commerce degree from the University of Nairobi. He also has a postgraduate MBA from the University of Leicester in the UK.
He is one of the founders of Liaison Group, having joined the company in 1991 and served as its Chief Executive Officer since 1999.
Under his leadership, Liaison Group expanded from a small insurance brokerage into a pan-African non-banking financial services group operating in Uganda, Tanzania, Rwanda and South Sudan, with annual revenues exceeding KSh2 billion.
His professional experience spans insurance, risk management, pension administration, health administration and investment advisory.
Also Read: NSE Denies Kiprono Kittony Exit as Chairman
He also serves as Chairman of Kenya National REITs and is a council member of the Association of Pension Trustees and Administrators of Kenya (APTAK).
In 2022, President William Ruto appointed Mulwa to the National Investment Council, where he is one of the members who advise the government on how to grow investment and the economy.
He holds a Bachelor of Commerce degree from the University of Nairobi, a postgraduate MBA from the University of Leicester, and is a Fellow of the Global Risk Management Institute.
Outgoing NSE Chair Kiprono Kittony Takes Up Kenya Airways New Role
Kiprono Kittony will step down as Chairman and Independent Non-Executive Director of the Nairobi Securities Exchange with effect from July 12, 2026. He joined the NSE Board in May 2018 and was appointed Chairman in July 2020.
During his tenure, the NSE ended an 11-year initial public offering (IPO) drought through the listings of Faru Pipeline Company and Family Bank. The Exchange also introduced single-share trading and launched the Ziidi Trader M-PESA platform to expand retail investor participation.
Also Read: David Ndii and Kiprono Kittony Appointed to New Kenya Airways Board
Kittony also championed sustainable finance initiatives and oversaw the implementation of the NSE’s 2025–2029 strategy. During his leadership, the Exchange was ranked Africa’s best-performing stock exchange in 2024 and the second-best-performing in 2025, based on dollar returns.
Beyond the NSE, Kittony has served in various business leadership roles in Kenya and internationally. He holds degrees in Commerce and Law from the University of Nairobi, a Global Executive MBA from USIU in partnership with Columbia University, and was awarded the Elder of the Order of the Burning Spear (EBS) in 2019.
The NSE Board thanked Kittony for his leadership and contribution to the growth of Kenya’s capital markets and wished him well in his new role as Chairman of Kenya Airways PLC.
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