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Corporate

Oduor-Otieno quits as BAT Kenya director

Martin Oduor-Otieno. FILE
Martin Oduor-Otieno. FILE  NATION MEDIA GROUP

Former KCB Bank chief executive Martin Oduor-Otieno has quit the board of BAT Kenya following his hiring by audit firm Deloitte in May.

Mr Oduor-Otieno resigned as director this month, ending his six-month stint at the listed firm.

“Oduor-Otieno recently took up a senior executive role in Deloitte East Africa. Independence rules preclude him from serving on public listed boards as a non-executive director,” BAT Kenya said in a statement.

Guidelines set by the Capital Markets Authority (CMA) discourages consultants from sitting on boards of NSE listed companies.

It’s not clear what services Deloitte offers BAT since PricewaterhouseCoppers audit the cigarette maker’s books. Mr Oduor-Otieno has been sitting in the board of EABL since February.

Deloitte tapped Mr Oduor-Otieno, 57, as a senior adviser (financial services), a role that is equivalent to a partner.

Mr Oduor-Otieno, 57, opted not to renew his tenure at KCB after the expiry of his second two-year term. He joined the bank in October 2005 as deputy to then CEO, Terry Davidson, and took over in May 2007.

Under his leadership, KCB grew its profits from Sh2.9 billion in 2007 to Sh11 billion last year, a feat that saw it topple Barclays as the country’s most profitable lender.

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