Paul Muthaura will step down from his chief executive officer role at ICEA Lion General Insurance on medical grounds following an accident early this year, the insurer said on Friday.
Mr Muthaura joined ICEA in April 2020 as a chief operating officer, marking a return to the private sector after a 14-year stint at the Capital Markets Authority (CMA).
Last October, he was appointed the CEO following the departure of Steven Oluoch, who attained retirement age, after being at the helm of the company for eight years.
ICEA has named Philip Lopokoiyit as Mr Muthaura’s replacement.
“This appointment arises from the need for Paul Muthaura to step down from office in line with medical advice to allow for his complete recovery following an accident in early 2021," said ICEA chairman James Ndegwa in a statement.
Mr Lopokoiyit appointment takes effect from September 20, 2021, added Mr Ndegwa.
“Philip brings over 20 years of commercial and financial leadership expertise to the role. He is a seasoned commercial and market transformation expert with both executive and non-executive board member experience,” Mr Ndegwa said.
Mr Lopokoiyit has held various roles at Flamingo Horticulture Kenya and British American Tobacco (in East and Central and West Africa), having begun his professional career at PricewaterhouseCoopers.
Mr Muthaura joined CMA as a senior legal officer for regulatory framework in September 2005 and rose through the ranks to become the CEO from July 2012 until his exit in 2019.
He served as a senior corporate associate at law firm CMS Daly Inamdar Advocates between 2001 and 2005, prior to crossing to the public sector through CMA.