CMA plays down shock exit

The Capital Markets Authority on Thursday sought to downplay the raging speculation over the resignation of its chairman, saying Prof Chege Waruingi had left to “pursue other interests.”

An earlier statement issued on Wednesday announcing his resignation gave no reason for his sudden departure, leaving a restive market with no answers as to why he had chosen the exit route with a year left to go on his contract.

“The Capital Markets Authority today (Wednesday) announced that Prof Chege Waruingi has handed in his resignation from his position as chairman of the authority’s board of directors with effect from January 12, 2009,” the statement from CMA noted.

Prof Waruingi was appointed chairman of the regulator’s board in December 2003 with his first three years term ending in December 2006. He would later get a term renewal for an extra three years to December 2009.

A holder of PhD in Business Administration from Indiana University, USA, Prof Waruingi, CMA says, has extensive experience in management consultancy, academia, university administration both in United States and Kenya. He is a published authority on marketing.

CMA chief executive Stella Kilonzo noted: “Throughout his five-year tenure the authority greatly benefited from Prof. Waruingi’s leadership on policy. He steered the board in bringing about key reforms to instill corporate governance, restore investor confidence and market integrity within the market, and facilitating development.”