Njoroge elected as new NSE chairman

April 30, 2009

, NAIROBI, Kenya, Apr 30 – Eddy Njoroge is the new chairman of the Nairobi Stock Exchange (NSE).

Mr Njoroge, who is the Managing Director of KenGen, was elected after the NSE Board of Directors held the bourse’s 55th Annual General Meeting in Nairobi on Thursday.

The board also elected Lutaf Kassam as the First Vice Chairman while Job Kihumba, the Executive Director of Standard Investment Bank, joins the board as the Second Vice Chairman.

Mr Njoroge was previously the director, who represented the listed companies. Mr Kihumba and Mr Otieno will represent the stockbrokers.

A source told Capital Business that the institutional director’s position, which was previously held by Investment Secretary Esther Koimett, would be filled later.

The new appointments follow the retirement by rotation of James Wangunyu as NSE Chairman and that of Bob Karina as the First Vice Chairman, who did not seek an additional term though they are eligible to do so.

Other members of the board include Chief Executive Officer Peter Mwangi, David Njoroge, Stanley Ngaine, George Maina, Andre Desimone and Lilian Mbinyo, the Company Secretary.

Mr Wangunyu was elected chairman last year following the retirement of Jimnah Mbaru.  

The new chairman paid a special tribute to Mr Wangunyu, saying he had left behind a firm foundation, from which the Exchange could propel itself to the next stage of development, including its reorganisation from a mutual to a demutualised securities exchange.

The elections came at a time when the government had expressed its desire to reform the capital markets in order to restore the badly eroded investor confidence.

Finance Minister Uhuru Kenyatta recently disclosed that the government was in the process of recruiting a consultant to assist in the restructuring of the markets including the Central Depository and Settlement Corporation, Capital Markets Authority (CMA) and the NSE, which have all been dogged by governance issues.

Both the CMA and NSE boards are said to have weak structures thus the need for them to be overhauled.

In February, the government appointed Micah Cheserem as the CMA chairman, and has since picked two new members to the board signalling its commitment to this exercise.

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