Frank Mwiti, the Eastern Africa Markets Lead & Partner at Ernst & Young, will succeed Geoffrey Odundo as the CEO of the Nairobi Securities Exchange (NSE).
- •Odundo’s term, which has lasted nine years, will lapse on 1st March 2024.
- •Before Ernest & Young, Mwiti has previously worked at PwC, EY-Parthenon, Deutsche Bank, and Afrika Kapital.
- •Mwiti’s term will begin on 2nd May 2024.
“Mwiti is a dynamic and accomplished business leader with more than two decades of diverse and international professional experience in strategy, governance, business development, risk management, corporate finance, mergers & acquisitions and performance improvement,” the NSE’s Board said in a public notice about the appointment.
In the two months in between Odundo’s retirement and Mwiti’s starting date, the NSE appointed David Wainaina, the NSE’s current COO, as the acting CEO.
“Mwiti’s strategic capabilities and exception experience in frontier, emerging and developed financial markets…will play a critical role in accelerating the next phase of growth of the NSE,” the Board added.
What’s Next for the NSE?
Appointed in March 2015, Odundo’s tenure as NSE Chief Executive has had its fair share of challenges and successes.
- •While the NSE has struggled to attract fresh listings, the bourse has seen a flurry of new products, under Odundo’s watch.
- •Foreign investors, who have been key drivers at the bourse, continue to give the market a wide berth.
- •This is despite the fact the perception that listed stocks at this exchange are still grossly undervalued.
The NSE is still not where it should be, with liquidity levels still low.
Mwiti will take over the reins when the government and investors are keen to revive the bourse, which is still dominated by 5 top companies. Among the things the new CEO will oversee is the public listing phase of the government’s privatisation plans, where state assets will either be sold to the public or to private investors.
READ; Nairobi Securities Exchange Seeks New CEO As Geoffrey Odundo Prepares Exit