The Nairobi Securities Exchange (NSE) has named Tom Mulwa as its new board chairman and he takes over from Kiprono Kittony, who retires on July 12, 2026, after six years in the role. The change takes effect on July 13, 2026.

The NSE Board announced the move in a statement to shareholders and the public on July 2, 2026. It follows the end of Kittony’s term and a review of the board’s makeup. The Exchange says the decision supports strong governance, independence, and long-term oversight.

Kittony’s record at the helm

Kiprono Kittony joined the NSE board earlier and became chairman on July 13, 2020. He led the Exchange through a period of recovery and growth. Under his watch, the NSE ended an 11-year drought on initial public offerings (IPOs). The listing of Kenya Pipeline Company in early 2026 stood out as a key win.

The board highlighted several achievements.

“During Mr Kittony’s tenure, the NSE recorded significant milestones, including ending an eleven-year IPO drought, introducing innovative products to expand retail investor participation, and driving the implementation of the Exchange’s ambitious 2025–2029 strategy,” the announcement stated.

His leadership helped the NSE rank among Africa’s top-performing exchanges.

In March 2026, media reports suggested Kittony might leave early after his appointment as Chairman of Kenya Airways. The NSE quickly dismissed those claims.

“Recent media reports about the departure of Board Chairman Mr Kiprono Kittony, EBS, are categorically inaccurate. Mr Kittony remains chairman and is actively leading the Exchange in advancing its 2025–2029 strategy,” the Exchange said at the time.

Kittony brought experience from business and policy. He previously served as National Chairman of the Kenya National Chamber of Commerce and Industry, where he strengthened the organisation. He also held roles at Credit Reference Bureau Kenya and other firms.

Who is Tom Mulwa?

Tom Mulwa, also known as Thomas Mulwa, serves as Chief Executive Officer of Liaison Group. He joined the company in 1991 and became CEO in 1999. He holds a Bachelor of Commerce from the University of Nairobi and a postgraduate qualification from the University of Leicester in the UK. He is a RIMS Fellow with the Global Risk Management Institute.

Mulwa has led Liaison Group from a small firm to a bigger player in insurance, risk, and financial services across Africa. He chairs the Kenya National REITs and sits on the National Investment Council. The NSE first appointed him as an Independent Non-Executive Director in late 2025 as part of efforts to give stockbrokers more board representation.

The Board welcomes his business expertise.

“The Board warmly welcomes Mr Mulwa and looks forward to his leadership as the Exchange builds on this strong foundation to deepen Kenya’s capital markets, broaden investor participation and create long-term value for shareholders and the economy,” the announcement read.

What lies ahead for the NSE

The 2025–2029 strategy guides the Exchange’s next steps. It focuses on revitalising markets, increasing listings in equities and fixed income, deepening liquidity, and expanding products. Recent successes include the Kenya Pipeline Company IPO and the ALP Industrial REIT listing. The Ziidi platform aims to let more Kenyans invest directly via mobile phones.

Mulwa steps in at a time when the NSE pushes for more retail investors and stronger regional influence. Observers expect continuity in governance and fresh ideas from his private-sector background. The transition follows standard rules under the NSE’s Articles of Association, Capital Markets Authority regulations, and company law.

This leadership change comes as Kenya works to grow its capital markets. The NSE wants to attract more companies to list and give ordinary Kenyans better ways to invest.