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Mwebesa quits NSE

NAIROBI, November 19 – Chris Mwebesa has resigned as the Chief Executive Officer of the Nairobi Stock Exchange (NSE).

Mr Mwebesa’s contract was only renewed by the NSE board in July this year.

The NSE had not yet issued a statement on the development by midday on Wednesday, but a source said the board was expected to meet later to chart the way forward.

“He quit some time back and the board has accepted his resignation,” the source said without giving further details.

Mr Mwebesa has been the NSE chief executive since 2005 and at the time of renewing his contract in July this year, the board said he had managed to steer the bourse to its highest growth in its 53 year history.

He was also responsible for the successful implementation of the Automated Trading System of the NSE.

Five months ago, the board said Mr Mwebesa had made the NSE the leading stock exchange in East Africa and the 5th largest in the African region.

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He also steered the bourse through five Initial Public Offers, including the Safaricom IPO, which was touted as the largest in the region.

Prior to joining the NSE in 2005, Mr Mwebesa had served as the head of business development at AIG global Investment Company (East Africa).

He was also the Chief Executive Officer of Stanbic Investment Management Services, a subsidiary of now CFC Stanbic bank.

More details to follow…

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