Former NSE boss is replacing Rose Mambo who was in charge since 2007.
CDSC said in a statement on Thursday that Mr Mwebesa will formally take over on February 10.
The Central Depository and Settlement Corporation (CDSC) has hired former Nairobi Securities Exchange (NSE) and Stanlib Kenya head Nkoregamba Mwebesa as its chief executive officer effective next month.
Mr Mwebesa replaces long-serving Rose Mambo, who retired from the job in September 2019 after 12 years at the helm.
CDSC said in a statement on Thursday that Mr Mwebesa will formally take over on February 10.
“The board is confident that with his rich career in the capital markets and diverse leadership experience, Mr Mwebesa will steer CDSC to greater heights,” the statement said.
“Ms Hilda Njeru (company secretary and head of legal) who has been acting CEO since October 2019 will continue to hold fort until Mr Mwebesa assumes office on February 10, 2020.”
Mr Mwebesa leaves Stanlib after three years at the helm, with his departure coming at a time the asset manager is in the process of being bought out by the Philip Ndegwa family-owned ICEA Lion Asset Management in a deal worth more than Sh1.5 billion.
Such a takeover normally results in movement in top management positions due to the acquirer seeking to install their own leaders besides cutting costs where roles are duplicated.
The hiring marks a return to the frontline of the local equities market for Mr Mwebesa who was the NSE chief executive between 2005 and 2008, overseeing 12 listings, including those of Safaricom #ticker:SCOM, KenGen #ticker:KEGN, Equity Bank #ticker:EQTY, Kenya Re #ticker:KNRE and ScanGroup #ticker:SCAN.
Those listings brought in hundreds of thousands of new investors to the market.
After leaving the NSE, he worked as CEO of investment bank SBG Securities between 2009 and 2016 before his move to Stanlib, which, like SBG, is also ultimately owned by Standard Bank Group.
Ms Mambo, a lawyer, came to the CDSC in August 2007 from the NSE where she was the head of compliance and company secretary.
During her tenure, the number of active CDSC accounts grew from 520,920 in 2007 to 1.55 million in 2019, with a spike in 2008 attributable to Safaricom IPO and in 2014 after a successful dematerialisation.
Dematerialisation refers to converting physical securities such as the share certificates and other documents into electronic form to ease trading and enhance investor protection.
She also led the depository to expand its role beyond equities, after the CDSC was appointed as the issuing and paying agent of the government’s retail mobile traded bond dubbed M-Akiba in 2017.
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