Nairobi Securities Exchange chief executive Peter Mwangi took over at the bourse in 2008. PHOTO | FILE
What you need to know:
Peter Mwangi took over in 2008 and is retiring after serving two terms of three years.
NSE chairman Eddy Njoroge said the board had already opened the search for Mr Mwangi’s replacement.
Mr Mwangi earned an average of Sh1.1 million per month last year, making the NSE chief executive post one of the best paid jobs in corporate Kenya.
Nairobi Securities Exchange (NSE) chief executive Peter Mwangi is set to quit in November, calling time on a six-year tenure at the helm of the region’s biggest bourse.
Mr Mwangi, who took over at the NSE in 2008, said he was retiring from the exchange after completing two terms of three years each.
Amendments to the Capital Markets (Licensing Requirements) (General) Regulations (2002) that came into force in 2012 require that a chief executive of the NSE only serve for two terms.
NSE chairman Eddy Njoroge said the board had already opened the search for Mr Mwangi’s replacement.
“Chief executive Peter Mwangi is to step down from his position effective November 23, 2014,” Mr Njoroge said in a statement. “The process of recruiting a successor will commence immediately.”
Mr Mwangi earned an average of Sh1.1 million per month last year, making the NSE chief executive post one of the best paid jobs in corporate Kenya.
The announcement regarding the exit of Mr Mwangi comes barely two weeks after close of NSE’s initial public offering (IPO), with 66 million shares on sale priced at Sh9.50 apiece.
Mr Mwangi succeeded Nkoregamba Mwebesa who served between 2004 and 2008. Mr Mwebesa currently serves as managing director of SBG Securities, the brokerage arm of CfC Stanbic.
Some of the new listings that came during Mr Mwangi’s term include Britam (2011), Longhorn and Umeme’s cross-listing in 2012, Home Afrika as well as the reverse takeover and listing of I&M Holdings in 2013.
The NSE has, however, also seen two companies de-list mainly due to buyouts. These include AccessKenya which was acquired by South African company Dimension Data, and CMC Motors which was bought out by Dubai-based Al-Futtaim Group.
Rea Vipingo is currently the subject of a takeover battle and is facing the possibility of delisting from the bourse.
Prior to joining the NSE, Mr Mwangi was the MD of Centum Investment. He started his career in the Kenya Air Force where he attained the rank of captain.
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