Paul Muthaura, the Capital Markets Authority (CMA) director of regulatory policy and strategy, has been appointed the market watchdog’s acting chief executive with effect from July 1.
Mr Muthaura takes over from Stella Kilonzo who steps down at the end of this month after serving one four-year term.
CMA chairman Kung’u Gatabaki said on Wednesday the new CEO will be appointed within the next three months.
Interviews for more than 20 applicants have been conducted by management consultants Hawkins and Associates, which is to pick five names.
The CMA board will choose three from the five to be forwarded to Parliament, which will approve one for appointment by the President.
Mr Gatabaki said the board looked for someone who did not apply for the CEO position to act until a substantive head is recruited.
Mr Muthaura has a Master’s degree in banking and finance law and has more than six years experience in capital markets and over four years experience in law. He is studying for a doctorate in business administration.
The departure of Mrs Kilonzo from CMA after only one term in office was announced two months ago by the board.
Mrs Kilonzo has been CEO since 2008, but has served at the authority for seven years.
Mr Muthaura was appointed to head the new department late last year in a reorganisation that Mrs Kilonzo said was “part of efforts to achieve its strategic objectives, (and) towards increasing organisation efficiency and effectiveness.”
In a statement released to newsrooms later in the day on Wednesday, Mr Gatabaki said Mr Muthaura would take a “transitional role.”
“Muthaura will continue to spearhead several ongoing initiatives at the Authority as the board finalises the recruitment of the substantive chief executive, which is ongoing and is expected to be completed in the shortest time possible,” said Mr Gatabaki.
The chairman said more than 20 people applied for the position.
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