Nairobi, Kenya: The Board of Directors of Co-operative Bank of Kenya has appointed John Murugu to serve as the chairman effective October 1, 2017.
Stanley Muchiri the bank’s chairman retired from the board after attaining the set retirement age. Muchiri has an exemplary record in leadership at the bank. During his tenure Co-op Bank successfully grew 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.
The banks Group Managing Director and CEO Gideon Muriuki praised Muchiri for his good leadership and helping turn around the institution after he took the board leadership in 2002 when the bank had suffered a loss of over Sh2.3 billion and has steered the great transformation of the Group particularly listing in Nairobi Stock Exchange.
The new Board chair John Murugu joined the Bank as a Director in May 2015. He is a career Banker and an expert in Public Finance; he last served as the Director Debt Management – Ministry of Finance/Treasury, and previously had a strong 25 years of banking experience at the Central Bank of Kenya, lastly as the Director, Bank Supervision. 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.