Frank Mwiti appointed new CEO of Nairobi Securities Exchange (NSE)

Nairobi Securities Exchange has announced that it has appointed Frank Mwiti as the new CEO of NSE effective May 2, 2024 subject to approval by CMA. Frank takes over from Geoffrey Odundo who will complete his term on March 1, 2024, after serving for 9 years. Below is a statement issued by the board of directors about the appointment.

Frank Mwiti appointed new CEO of NSE - 2024

The Board of Directors of the Nairobi Securities Exchange Plc (NSE) wishes to notify the company's shareholders, stakeholders, and the general public that Mr. Geoffrey Odundo will complete his tenure as the Chief Executive of the NSE on 1st March 2024, having ably served for nine (9) years at the helm.

The Board would like to extend its sincere appreciation to Mr. Odundo for his dedicated service and stellar performance as the Chief Executive. Through his pioneering vision, he has transformed the NSE into a world class exchange anchored on a wide variety of globally accepted investment products and cutting-edge technology, including the Real Estate Investment Trusts (REITs), Exchange Traded Funds (ETFs), Derivatives Market, Green Bonds, the Ibuka Program and the Unquoted Securities Platform. Mr. Odundo has also been instrumental in commercializing the Exchange which is today a publicly listed company with ownership interests in the region. 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.

The Board wishes Mr. Odundo well in his future endeavours.

Appointment of New Chief Executive

Following the completion of Mr. Odundo's tenure, the Board of Directors of the NSE is pleased to announce the appointment of Mr. Frank Mwiti as the new Chief Executive of the NSE effective 2nd May 2024, subject to appropriate regulatory approvals by the Capital Markets Authority. The appointment follows a comprehensive and rigorous recruitment process.

Mr. Mwiti is 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.

He brings with him extensive experience in the above fields and is the outgoing Partner and Eastern Africa Markets Leader for Ernst & Young (EY), responsible for leading strategic business development of EY's assurance, tax, consulting, strategy and transactions services across Kenya, Ethiopia, Uganda, Tanzania, Rwanda, Burundi and South Sudan. Previously he worked as a 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. Mr. Mwiti equally served as a Management Consultant, Investment Banking at Deutsche Bank, UK and as Chief Executive Officer and Managing Director, Afrika Kapital, UK, a firm he founded and in which 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.

The Board is confident of Mr. Mwiti's strategic capabilities and exceptional experience in frontier, emerging and developed financial markets and will play a critical role in accelerating the next phase of growth of the NSE, as well as support the Government's capital markets agenda. The Board is delighted to welcome Mr. Mwiti to the NSE and will accord him the necessary support to implement strategic initiatives that will accelerate the company's growth and enhance Kenya's appeal to international investments.

Appointment of Acting Chief Executive

To further support an efficient management transition between Mr. Odundo and Mr. Mwiti, the Board has appointed Mr. David Wainaina as the Acting Chief Executive effective 2nd March 2024 up to 1st May 2024. Mr. Wainaina is the current NSE Chief Operating Officer. He has over 18 years' experience in the capital markets and has been central in the implementation of key projects, including the automation of the equities and the fixed income (Bonds) markets, at the Bourse.