By Antynet Ford
Frank Mwiti will now take over as the Chief Executive Officer (CEO). Nairobi Securities Exchange (NSE) following the exit of Geoffrey Odundo.
A notice shared today to shareholders, the Nairobi bourse says Mwiti will take office effective May 2 following regulatory approvals.
“Following the completion of Odundo’s tenure, the board of NSE is pleased to announce the appointment of Frank Mwiti as the new CEO effective May 2, subject to regulatory approvals by the Capital Markets Authority (CMA).” The notice to the shareholders by the Board Chair Kittony read in part.
“The appointment follows a comprehensive and rigorous recruitment process.” It added. The nine-year tenure of Odundo will be ending next week(March 1, 2024.) Odundo is credited for transforming NSE into a world-class exchange.
Previously, Mwiti has worked as a bank manager and capital markets advisor at PricewaterhouseCoopers (PwC and EY United Kingdom and also as an associate director for investment banking at UBS in the UK.
He has also held the position of a management consultant at a UK-based Deutsche Bank and CEO and M.D Afrika Capital founded in the U.K
His experience in frontier, emerging, and developed financial markets is what has been championed and believed will play a critical role in accelerating the next phase of growth of the bourse and supporting the government’s capital markets agenda.
He takes over as CEO at a time when NSE is facing one of its worst capital outflows as investors exit to take their stash back to developed economies, such as the US and the UK, on the back of a promise for better returns.
NSE’s lowest moment was when it was ranked the worst-performing African bourse in the first nine months of last year in dollar returns, highlighting the impact of foreign exits and global shocks on the region’s biggest stock market.
