Nairobi Securities Exchange names Andrew Wachira as acting CEO

Nairobi, Kenya: The Nairobi Securities Exchange (NSE) has picked Andrew Gichu Wachira, a lawyer who has worked at the Kenyan exchange for a decade, to serve as Acting Chief Executive.

Wachira, who was head of the compliance and legal department at the NSE, was appointed after the departure of Peter Mwangi, who left on September 30, when his term expired. Wachira has over 10 years' experience at the bourse, where he has been head of compliance and legal department. He is a lawyer by profession with a Bachelor of Laws degree from the University of Nairobi.

In a statement, the board of directors of the NSE said the process of recruiting a new chief executive is under way.

"Andrew has been instrumental in the implementation of a number of initiatives at the exchange. His experience, leadership skills and wealth of knowledge will ensure a smooth transition for the exchange. As we formalise the substantive recruitment of a Chief Executive, we are confident that he will execute this interim position commendably," said Eddy Njoroge, the NSE board chairman.

The NSE, which listed its own 194.6 million shares in September this year, has undergone a demutualisation process and is now on an aggressive expansion phase. For instance, it has launched a new trading system for bonds and plans to offer new services such as trading of futures.

The Kenyan bourse is used as an entry point into East Africa by foreign investors seeking exposure to the fast-growing economies in the region. Several Kenyan firms are cross-listed on other bourses in the region.

Mwangi, who has made his exit as Chief Executive of the Nairobi Securities Exchange, has been instrumental in overseeing a demutualised exchange, a broker back-office system and the automated trading system (ATS), which allows brokers to trade from the comfort of their offices.

He is also a director of the Central Depository and Settlement Corporation, a member of the Executive Committees of both the East African Stock Exchanges Association as well as the African Securities Exchanges Association.