NAIROBI, Kenya, May 6 – The Board of Kenya Commercial Bank Group has extended the contract of Chief Executive Officer Martin Oduor-Otieno by two years effective May 1, 2011 following the expiry of his current contract.
Group Chairman Peter Muthoka, announced the extension citing Mr Oduor-Otieno’s performance record over the last three years as well as the need for continued stability for the bank as it seeks further growth in the region.
“The Board deliberated on the matter of the Chief Executive’s contract and noted that KCB Group is currently at a critical stage which requires continued stability. The Board, therefore, decided to extend the contract for two years until 2013,” said Mr Muthoka.
Under the CEO’s stewardship, the bank has increased its footprint in the region which has seen it open 34 new branches and install over 100 new Automated Teller Machines across the region.
After the expansion of the branch network, Mr Muthoka said they would now concentrate on increasing returns to the shareholders through consolidation.
“2010 is a year for consolidation by focusing our efforts on growth in market share, improved efficiency, and product and service innovation as well as enhanced employee productivity. We also need to reap the benefits of our new core banking system which was introduced in 2008 and has been rolled out to Kenya, Uganda, Rwanda and Southern Sudan,” he added.
While thanking the Board for renewing his contract, Mr Oduor-Otieno said the extension was a vote of confidence in his work and pledged to spearhead ongoing efforts to achieve the bank’s vision of being the preferred financial solutions provider in Africa with Global reach.
“We have a very good strategy that would make KCB a banker of choice over the next few years. The senior management and staff are committed to making KCB one of the best and most profitable banks in the region and I’m delighted that the Board has demonstrated its confidence in our work,” he said.
Mr Oduor-Otieno joined KCB in 2005 as Deputy Chief Executive and took over the reins of East Africa’s largest commercial bank in May 2007.
The bank’s assets have increased from Sh92.5 billion in 2006 to the current Sh220.5 billion.
“Our major theme this year is customer care and efficiency, and we want to refocus our energy, processes and technology in driving these. I want to pay tribute to the Board and to our committed and hardworking staff for their support over the past three years as I look forward to even greater support during the next three years,” Mr Oduor-Otieno said.