John Murugu will from next month replace Stanley Muchiri, the outgoing chairman, who is retiring after attaining the set retirement age.
Co-operative Bank #ticker:COOP has tapped former Treasury Director of Debt Management John Murugu to be its chairman.
Mr Murugu will from next month replace Stanley Muchiri, the outgoing chairman, who is retiring after attaining the set retirement age.
“We wish to update that the board of directors of the Co-operative Bank has appointed Mr John Murugu to serve as chairman of the bank’s board with effect from October 1,” said Co-op Bank Group CEO Gideon Muriuki in a statement.
“We also update that Mr Stanley Muchiri, the bank’s chairman, is retiring from the board of directors after attaining the set retirement age.” Mr Murugu joined the bank as a director in May 2015.
A banking industry veteran with 25 years of professional experience, Mr Murugu last served as the director, debt management at the Treasury. He had previously worked at the Central Bank of Kenya (CBK) as the Director for Bank Supervision.
He holds a Bachelor of Education degree and Master of Arts in Economics and has been chairing Co-operative Bank’s credit committee. Co-op Bank hailed Mr Muchiri’s 15 year tenure at the lender as “exemplary.”
“It is during his tenure that the bank has successfully grown to one of the largest in the region with an asset base of over Sh365 billion, and over 6.2 million account-holders in 148 branches,” said Mr Muriuki.
Mr Muchiri took over the lender’s board leadership in year 2002.
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