Capital Markets

CMA to submit shortlist of chief executive nominees

Capital Markets Authority chairman Kung’u Gatabaki. FILE
Capital Markets Authority chairman Kung’u Gatabaki. FILE 

The Capital Markets Authority (CMA) board expects to hand over to the Treasury a list of three to six nominees for the position of chief executive of the regulatory agency by end of this week.

CMA board chairman Kung’u Gatabaki said in an interview on Friday that the hiring committee has interviewed 13 candidates for the vacant post.

Out of the 13, the board will narrow down to a list of three, but has left open the possibility of submitting up to six names for the top scorers in the interviews.

“By the end of next [this] week, we should submit the top three names to be considered for the position. In total, we may submit five to six names, just to show the scores of the candidates,” said Mr Gatabaki.

This is the second time the market regulator is seeking to hire a CEO.

The number of applicants for the job was lower than the 24 received last year when the same position was advertised for the first time according to Mr Gatabaki, who confirmed that the acting CEO Paul Muthaura is among those interviewed for the post.

Commenting on reports appearing in a section of the media, the CMA chair said the process had not been unduly influenced by anyone and nobody in the government had asked the board to bend rules to favour an applicant.

“The Cabinet secretary for Finance gave us clearance to look for the best person for the position.

“He was not party to the earlier process of trying to get a CEO for the organisation last year. He did not instruct us on who to pick and he only wanted us to do it all over again,” said Mr Gatabaki.

He said the hiring committee is independent, adding that he does not sit on it although the entire board was regularly updated on the process. He said some of those who had previously applied for the job had re-submitted their applications for a fresh consideration.

With the shortlisting process expected to be finished by the end of this week, the new CEO could be known by early next month. Interviews for the position of CEO began on August 12.

Mr Gatabaki said the candidates were subjected to rigorous tests including psychometric examinations, which are measure one’s knowledge, abilities and personality.

When they were held last year, the then Finance minister Njeru Githae dismissed the shortlisted names that included Wanjiku Mugane of the StanChart Kenya investment banking unit, Paul Mwai of Afrika Investment Bank and CMA’s own corporate and legal affairs director Rose Lumumba.