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The Nairobian

NSE hires consultant to spearhead recruitment of new chief executive

Business

By James Anyanzwa | Oct 07, 2014

Nairobi; Kenya: The Board of the Nairobi Securities Exchange (NSE) has hired consultancy firm KPMG to aid in the competitive recruitment of a new chief executive for the 60-year-old bourse.

The position fell vacant following the exit of Peter Mwangi after six years at the helm of East Africa's largest exchange.

Chairman Eddy Njoroge told The Standard that a new NSE boss could be announced at the end of this month.

"We are in the process of recruiting a new CEO. We have appointed KPMG to do the recruitment for us. I think at the end of this month or next month we should be through with this process," said Mr Njoroge.

Mr Mwangi left the demutualised exchange on September 30 after serving the second term of his three-year contract and joined Old Mutual Group as the head of its Kenyan operations.

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Meanwhile, the NSE board has appointed a long serving member of the exchange, Andrew Wachira, as the acting Chief Executive pending completion of the recruitment exercise.

Mr Wachira who has worked at the exchange for over a decade had been Head of Compliance and Legal Department since 2009.

The Exchange, which demutualised in June this year, offloaded a total of 66 million shares to the public through an initial public offering (IPO) preparing a fertile ground for eventual self-listing. Demutualisation and self-listing of the NSE form part of the Government's policies to enhance governance standards and facilitate access to the local markets by a wider community of investors.

The NSE stock more than doubled trading at Sh22.50 per share compared to the IPO price of Sh9.50 per share last Friday.