Nairobi Securities Exchange (NSE) has extended the tenure of its Chief Executive Officer Geoffrey Odundo by another year to maintain continuity as it searches for a new leader.
Despite being set to leave the firm upon completing his second four-year term on February 28.
This decision was made in light of the government’s short-term plan to list five State-owned firms on the Nairobi stock exchange.
For years, there hasn’t been a significant new listing in the NSE, causing Safaricom, banks, and a few manufacturers to dominate the bourse in terms of profitability, dividends, and market capitalization.
Mr. Odundo assumed the NSE leadership on March 1, 2015, during the onset of a prolonged bear market that has adversely affected the performance of the company, which earns fees on transactions.
According to Business Daily, concerns about continuity at NSE led to the approval of Geoffrey Odundo’s term extension request, particularly given the loss of several crucial staff at the Nairobi bourse.
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