Former head of public service Joseph Kinyua has been appointed to the board of directors of KCB Group.
KCB said Monday morning that Dr Kinyua, 70, joined the board last Friday as a non-executive director after he received regulatory clearance.
“The Board of KCB Group Plc., having received regulatory approval, is pleased to announce the appointment of FCS Dr Joseph Kinyua, EGH to the Board of Directors with effect from 24 March 2023,” said KCB in a statement.
Dr Kinyua is the immediate former head of public service and has had an illustrious career spanning over 44 years in public service.
He is eligible to serve KCB for up to eight years, going by the group’s board charter which allows non-executive directors to hold office for a cumulative term not exceeding eight years.
KCB Group board charter also allows for between five and 11 directors, with at least a third being independent non-executive directors.
A third of non-executive directors retire by rotation at every annual general meeting but are usually eligible for re-election with KCB’s articles of association.
Prior to his appointment as the head of public service in 2013, Dr Kinyua served in various senior positions in the government, including as Permanent Secretary to the National Treasury.
“He is credited with effectively holding a pivotal role in implementing key initiatives and reforms including the liberalization of the banking sector, the foreign exchange market and the trade and capital accounts of the balance of payments among other initiatives,” said KCB.
He joined the government as a fresh-faced economist attached to the Central Bank of Kenya in 1980. He rose through the ranks to serve Presidents Mwai Kibaki, Uhuru Kenyatta and William Ruto.
KCB is 19.76 percent owned by National Treasury and 8.39 percent by the National Social Security Fund.
Local institutional investors hold 45.01 percent stake while local individual investors own 26.37percent. A further 8.86 percent is in the hands of foreign investors.
KCB Group net profit in the financial year ended December grew 19.5 percent to Sh40.8 billion on increased interest and non-interest income.
