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Sidian Bank, a subsidiary of Centum Investment Company Plc has announced the exit of MaryAnn Musangi (pictured), CEO of Haco Industries from the lenders board to avoid conflict of interest.

MaryAnn tendered her resignation from the board of Sidian Bank following the nomination of her husband, Andrew Mukite Musangi by President William Ruto to serve as the chairperson of the Central Bank of Kenya (CBK), pending vetting by Parliament.

In a statement, Sidian Bank’s chairman James Mworia approved the resignation, saying the lender was committed to implementing and adhering to good corporate governance and best practices.

“We remain committed to the highest standards of corporate governance and business ethics,” the statement read in part. The lender’s CEO Chege Thumbi said MaryAnn has been an essential part of the bank’s journey.

“She has been a driving force in championing our values and guiding us through pivotal moments in the bank,” Thumbi said. MaryAnn has served on the Board of Sidian Bank for eight years and she was the chairperson of the Nomination Committee where she led the process of transforming Sidian Bank into a preferred employer brand.