Executive changes that reshaped corporate Kenya in 2023

President William Ruto and CBK Governor Kamau Thugge during during the launch of the Central Securities Depository Dhow (DhowCSD), September 2023. [PCS, Standard]

The year has been exceptionally active in corporate Kenya’s executive suites as companies hunted for the right talent to steer them through a difficult year.

The changes in the corner office came as companies battled rising costs and shareholders and investors piled more pressure on companies’ management to deliver.

We look at some of the notable C-suite changes in key companies and some State agencies that happened in the year.

Nairobi lawyer replaces banker John Ngumi as Safaricom chairman

The start of the year saw Nairobi lawyer Adil Arshed Khawaja replace veteran corporate banker John Ngumi on the Safaricom board of directors.

Mr Khawaja held the position of managing partner at Nairobi-based law firm Denton’s Hamilton and Mathews.

Mr Ngumi had earlier taken the chair’s seat at Safaricom from Michael Joseph, who had chaired the board since 2020 and before then served as the telco’s chief executive.

An ally of former President Uhuru Kenyatta, Ngumi was the chairman during Safaricom’s commencement of operations in Ethiopia.

Oigara makes a comeback as Stanbic chief executive

The year saw Stanbic Bank Kenya, a subsidiary of South Africa’s Standard Bank Group, tap former KCB Group Managing Director Joshua Oigara as its new chief executive.

Mr Oigara replaced retiring long-serving Zimbabwean national Charles Mudiwa who exited the lender in December 2022 after a career spanning two decades. Oigara was previously the head of KCB Group since 2013.

Family Bank appoints insider as CEO in shake-up

Family Bank Kenya announced the appointment of Nancy Njau as its new chief executive, effective January 1, 2024. 

She succeeded Rebecca Mbithi, who the bank said had resigned to pursue “personal interests” after serving the bank for five years.

Ms Njau had been with Family Bank, which recently since issued a profit warning, since 2002 when she joined as a graduate clerk. 

She rose through the ranks, holding various positions such as branch manager, regional manager, head of retail banking, and chief commercial officer.

She has been instrumental in driving the bank’s growth, innovation, and customer service.

New monetary policy sheriff at the central bank

President Ruto appointed former Treasury Principal Secretary Kamau Thugge as the new Central Bank of Kenya (CBK) Governor in June. 

Dr Thugge took over from Patrick Njoroge whose term expired after holding the position for eight years.

Thugge, whose term began on June 19, became the country’s 10th CBK governor.

President Ruto has been beefing up the crucial architecture of the money men and women who will help his administration fix the troubled economy and deliver on his campaign pledges.

Thugge took over the CBK role amid uncertainty over the country’s fragile economy and inflation outlook.

Ballooning inflation, escalating borrowing costs, and a strong dollar have made repaying sovereign loans and raising money significantly more expensive for Kenya amid fears of default.

The governor’s shock monetary policy therapy has rattled the credit market by raising the cost of loans.

Eveready EA names Winnie Chepkemoi its new CEO

Troubled Eveready East Africa named Winnie Chepkemoi as new chief executive.

Ms Chepkemoi took over from Thomas Masaki who held the position in an acting capacity since March 10, 2021.

She faces a task or turning around the company, which was once Kenya’s main dry cell battery maker but has been dogged by poor performance attributed to a difficult business environment.

Liberty Kenya Appoints Kieran Godden as New CEO

Liberty Kenya Holdings announced the appointment of Kieran Godden as group chief executive in August 1. He replaced Godfrey Kioi who was acting CEO following the retirement of Mike du Toit from his position in 2022.

Liberty Kenya Holdings is the holding company for The Heritage Insurance Company Kenya Ltd and Liberty Life Assurance Kenya Ltd, the short-term and long-term businesses of the group.

Esther Ngari takes over the helm of Kebs

Trade Cabinet Secretary Rebecca Miano appointed Esther Ngari as Kenya Bureau of Standards (chief executive in October.

Ngari’s appointment to the CEO post occurred after the removal of the former head, Bernard Njiriani.

Bamburi Cement picks new CEO as Seddiq Hassani quits

Bamburi Cement appointed Mohit Kapoor as chief executive in April following the exit of Seddiq Hassani after five years at the helm of the Nairobi Securities Exchange-listed firm.

Mr Kapoor had served as the country CEO of Holcim Qatar, head of growth and innovation at Holcim India and the managing director of Readymix Projects at Lafarge India, among other positions.

KenGen gets new powerman

Electricity distributor KenGen appointed Peter Njenga as the chief executive, taking over the position held in an acting capacity by Abraham Serem.

Before his appointment, Mr Njenga was the general manager for infrastructure development at Kenya Power, where he also held various positions in senior management spanning over five years.

Safaricom Ethiopia picks MTN executive as CEO

Wim Vanhelleputte from MTN Group took over the CEO role at Safaricom Ethiopia in September.

He replaced Anwar Soussa, whose stint at the helm of the new telco started in August 2021.

ICPAK picks Grace Kamau as new CEO

The Institute of Certified Public Accountants of Kenya appointed Grace Kamau the new CEO for a three-year tenure beginning August 1.

Ms Kamau formerly served as the CEO in acting capacity since January having taken over from Edwin Makori who was at the helm since 2017.

Joseph Siror appointed Managing Director and CEO of Kenya Power

Kenya Power board of directors appointed Joseph Siror, replacing Geoffrey Muli who ran the firm since May 2022.

Former CIC insurance boss Elijah Wachira named NHIF CEO

The board of the former National Health Insurance Fund now known as the Social Health Insurance Fund appointed former CIC insurance executive as CEO. Mr Wachira replaced Samson Kuhora who had been the acting CEO, after taking over from Mr Peter Kamunyo who retired in April.

Hellen Chepkwonyat KDIC

The Kenya Deposit Insurance Corporation Board appointed Hellen Chepchumba Chepkwony as the new CEO for the bank’s deposit insurer for a term of three years.