The Kenya Private Sector Alliance (KEPSA) Chief Executive Officer Carole Kariuki has been appointed as an independent non-executive director of the Nairobi Securities Exchange (NSE) with effect from June 9, 2022.

Ms Kariuki has been appointed to the board alongside SQM Frontier Management LLP founder Mr John Niepold.

The two have joined the board following the retirement of Mr Paul Vollant (non-executive director) who retired from the board on June 3, 2022, after serving for six years.

Ms Kariuki, who has served as KEPSA CEO since 2010, has over 20 years of experience in private sector management and leadership.

Roles before NSE board appointment

“At KEPSA, she has spearheaded public private dialogue platforms with all levels of government to move the World Bank Doing Business Index for Kenya from a high of 136 in 2014, to 56 in 2020, among other achievements,” NSE said in a public notice.

She has previously held roles at Sagamore Policy and Research Institute, Indianapolis and Barclays Bank of Kenya Limited (now Absa Bank Kenya Plc).

Ms Kariuki sits on various Boards and has received a number of awards and recognitions, including Presidential awards for National Development Contribution to the Country.

She holds a Bachelor of Arts Degree in Economics and Sociology from the University of Nairobi and a Master’s Degree in Public Administration from Bowling Green State University, Ohio, USA.

Niepold before joining NSE

On the other hand, Mr Niepold has over 25 years of experience in frontier investing in Africa and the Middle East. In 2010, he founded SQM Frontier Management LLP and served as the Managing Partner and Portfolio Manager for the firm’s Frontier Africa Fund.

Prior to founding SQM, Mr Niepold was a Portfolio Manager and Partner at Emerging Markets Management (EMM) where he launched and managed the first fund dedicated to investing in Africa’s frontier stock markets among other achievements.

Mr Niepold also served as an equity analyst in Southeast Asia for Crosby Securities and as an independent consultant covering frontier markets throughout the world.

Mr Niepold has a Bachelor of Arts degree in Economics from Davidson College and a Master of Business Administration degree from the Kenan-Flagler Business School at the University of North Carolina/Chapel Hill.

“The Board warmly welcomes the two new Directors and looks forward to their contribution towards the continued growth of the Exchange and indeed the Kenyan capital market,” said NSE company secretary Kuria Waithaka.