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Kenya

NSE renews Mwebesa s term

NAIROBI, July 2- The Nairobi Stock Exchange (NSE) Wednesday announced that it had renewed the contract of Chris Mwebesa as its Chief Executive Officer for a three-year term.

According to a statement from the newly elected Chairman James Wangunyu, the NSE Board had agreed to retain Mwebesa who had performed well during his term as the CEO since his appointment in 2005.

Mwebesa’s contract expired in February 2008, but there were rumours that the board was reluctant to renew the CEO’s contract.

Wangunyu added that the bourse would benefit immensely from the CEO’s expertise especially at a time when the bourse was undergoing major changes such as the demutualization of the stock exchange.

The Chairman said under his tenure, Mwebesa steered the NSE through the highest expansion and growth in its 53 years history, making the bourse the 5th largest stock exchange in Africa.

He is also accredited with among other things the implementation of the Automated Trading System (ATS) and the Wide Area Network (WAN) the introduction of the NSE All Share Index (NASI).
 
The automation drive allows the ability to handle higher volumes of trade with enhanced transparency in the placement of bids and offers.

Mwebesa had earlier served as the Head of Business Development at AIG Global Investment Company and as the CEO of Stanbic Investment Management Services.

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