Economy

Ex- KNCCI head Kiprono Kittony picked as Nairobi bourse chairman

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Mr Kiprono Kittony. FILE PHOTO | NMG

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Summary

  • Mr Kittony replaces Samuel Kimani who resigned on July 13 after serving as the chairman of the NSE board since 2012.
  • The bourse said Mr Bob Karina will continue to serve as the Vice-Chairman of the Board for the next year.
  • Mr Kittony has been serving at the NSE board as a non-executive member in 2018.

Former Kenya National Chamber of Commerce and Industry (KNCCI) national chairman Kiprono Kittony has been appointed the new chairman of the Nairobi Securities Exchange #ticker:NSE (NSE).

Mr Kittony replaces Samuel Kimani who resigned on July 13 after serving as the chairman of the NSE board since 2012.

“After a thorough process, the board of directors has appointed Kittony as the next chairman of the NSE,” NSE said in a statement.

Mr Kittony is also the chairman of the boards of CreditInfo CRB Kenya Ltd, AAR Insurance Ltd, Mtech Ltd and Radio Africa Group.

“Mr Kimani remains on the board as an independent non-independent director for one more year,” said NSE.

The bourse said Mr Bob Karina will continue to serve as the Vice-Chairman of the Board for the next year.

Mr Kittony has been serving at the NSE board as a non-executive member in 2018.

He was the KNCCI President for two terms since 2012 before he passed on the baton to the current President Richard Ngatia.

The NSE said Mr Kimani, who will remain in board of the bourse till next year, was instrumental in steering the upgrade of the Equities Trading System, launching of new market segments including the Derivatives Market, the Green Bond Market and the SME incubation platform, Ibuka.

But the bourse has in recent years failed to list a big ticket firm, leading to Safaricom #ticker:SCOM, Equity Group #ticker:EQTY, KCB Group #ticker:KCB, Cooperative Bank #ticker:COOP and East Africa Breweries Limited #ticker:EABL (EABL).

About eight firms including oil marketer KenolKobil and motor vehicle dealer CMC Holdings have gone private in recent years, mostly through takeovers.