Nairobi bourse boss steps down in Nov, search for new head starts

What you need to know:

  • His three-year term was extended in November 2011 and will end on November 23, in line with amendments to the Capital Markets rules that came into force in 2012 capping the term of the Exchange’s chief executive to two.

The Nairobi Securities Exchange chief executive, Mr Peter Mwangi, is to step down in November.

Mr Mwangi said in a statement to newsroom that he would officially relinquish the CEO post, having reached the regulatory limit of two terms of three years each. He took over on November 24, 2008, on a three year contract, replacing Mr Chris Mwebesa.

“I am tremendously honoured to have steered the Exchange during my tenure and have greatly enjoyed my time here. I believe that the organisation is in a position of strength, relevance, and influence and is very well placed to move to the next level,” he said.

EXTENDED

His three-year term was extended in November 2011 and will end on November 23, in line with amendments to the Capital Markets rules that came into force in 2012 capping the term of the Exchange’s chief executive to two.

During his tenure at the bourse, Mr Mwangi has presided over the just concluded demutualisation, initial public offering and imminent self-listing of the Exchange, noted Kenya Association of Stockbrokers and Investment Banks chief executive Willie Njoroge.

The recruitment of his a successor will start immediately, according to the Exchange’s chairman, Mr Eddy Njoroge,