, NAIROBI, Kenya, Sep 15 – Co-operative Bank of Kenya Board of Directors has appointed John Murugu as the new chairman of the bank taking over from Stanley Muchiri, who is retiring after attaining the set retirement age.
Murugu whose term commences from October 1, 2017, joined the Bank’s Board as a Director in May 2015.
He is a leading Banker and Public Finance expert with 25 years of experience having served as the Director Debt Management at Treasury and previously at the Central Bank of Kenya as the Director, Bank Supervision.
He joins the bank when it has grown to one of the largest banks in the region with an asset base of over Sh365 Billion, and over 6.2 million account-holders in 148 branches.
“He holds a Bachelor of Education degree and Master of Arts in Economics and is an Associate of the Chartered Institute of Bankers. He has notably been chairing Co-operative Bank’s Credit Committee,” says Gideon Muriuki, Group Managing Director, and CEO.
The outgoing chairman Stanley Muchiri took over Board leadership in the year 2002 after the bank had suffered a huge loss of over Sh2.3 Billion in the year 2000 and has steered the great transformation of the Group particularly the listing of the Bank at the Nairobi Securities Exchange in the year 2008.
“The Board of Directors deeply appreciates Muchiri’s transformational leadership of the bank and wish him the very best in all his future endeavors,” Muriuki noted.