KCB Group makes sweeping boardroom changes at National Bank
KCB Group has made sweeping changes to the board of National Bank of Kenya (NBK), a month after taking over the institution as its subsidiary.
Following the takeover, the Group has appointed seven directors, three of who have been retained from the NBK board.
Those appointed to the board are John Nyerere, who will serve as the chairman and Joshua Oigara, KCB Group CEO. Others are Paul Russo, who serves as NBK’s Managing Director, Stanley Kamau and Jones Nzomo.
Dropped from the board are Mohamed Hassan, Francis Atwoli, Mark Obuya, Joseph Kering, Cabinet Secretary, National Treasury and Managing Trustee, National Social Security Fund (NSSF).
Speaking while inaugurating the new board, KCB Group Chairman Andrew Kairu said Central Bank of Kenya has granted a “fit to serve” approval for the directors.
Management practices
He said corporate governance was of utmost priority for KCB and the structure of the board and management were equally important in ensuring the level of corporate governance expected was maintained.
“We must continue to strengthen our oversight and risk management practices, which are essential cogs in the banking sector to meet the expectations of our regulators, protect, and serve the interests of our stakeholders,” Kairu said.
He said KCB Group had made significant changes to the NBK Board composition and was confident that with the changes, the board would remain focused on the most crucial aspects of the business.
Atwoli was the longest-serving non-executive director having joined the board in April 2003.
Caleb Mugendi, assistant manager at Cytonn Investment, lauded the move, saying those appointed to the board would have to look at the bank’s operations and strategies with a tooth comb.
