The new CEO is expected to face numerous challenges regulating Kenya’s capital markets which have been hit by numerous financial scandals and corporate governance challenges in the recent past. The CMA has also announced plans to create a new market, dubbed the Growth and Enterprise Market Segment (GEMS), where small and mid-sized companies will be listed, allowing them to raise capital and unlock value for shareholders.
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This is the second time Mr Githae is promising to make the appointment within a week, having made a similar commitment in late July.
The shortlisted candidates are believed to be Mr Paul Mwai, the CEO of AIB Capital, Ms Wanjiku Mugane, an investment banker at Standard Chartered Bank, and Ms Rose Lumumba, the CMA corporation secretary.
The successful candidate will take up the position left vacant following Ms Kilonzo’s decision not to seek renewal of her contract at the end of her single four-year term on June 30.
Finance minister Njeru Githae has said that he will appoint a new Capital Markets Authority (CMA) boss next week to replace former chief executive Stella Kilonzo.
This is the second time Mr Githae is promising to make the appointment within a week, having made a similar commitment in late July.
The permanent secretary in the Ministry of Finance, Mr Joseph Kinyua, sent the minister a list of three nominees for the job about three weeks ago.
The shortlisted candidates are believed to be Mr Paul Mwai, the CEO of AIB Capital, Ms Wanjiku Mugane, an investment banker at Standard Chartered Bank, and Ms Rose Lumumba, the CMA corporation secretary.
READ: Githae to pick new CMA chief from a list of three Wednesday, Mr Githae told the Business Daily at Parliament Buildings that “papers of the three nominees are now officially on my desk. I will be making a decision next week. I am currently looking at the qualifications of the nominees.”
The delay in naming Ms Kilonzo’s successor has fuelled speculation that vested interests could be pushing for alteration of the list of nominees.
On July 27, Mr Githae had said that he would appoint a new CMA boss within a week but no explanation has been forthcoming on the delay.
The successful candidate will take up the position left vacant following Ms Kilonzo’s decision not to seek renewal of her contract at the end of her single four-year term on June 30.
The new CEO is expected to face the challenge of restoring investor confidence in the regulator following a string of corporate governance shortcomings in listed firms, notably motor dealer CMC and the East African Portland Cement.
CMA has also announced plans to create a new market sector, dubbed the Growth and Enterprise Market Segment (GEMS), where small and mid-sized companies will be listed, allowing them to raise capital and unlock value for shareholders.
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