CMA starts recruitment process for chief executive

The Capital Markets Authority (CMA) board of directors has started the process to identify a suitable candidate to succeed Paul Muthaura as chief executive.

This is after Muthaura, who has been CEO for eight years, served notice of his intention not to seek a second four-year term when his contract expires on January 1, 2020.

CMA board chairman, James Ndegwa said the CEO’s role would provide vision and leadership in the regulation and development of Kenya’s capital markets.

Occupancy rate

Muthaura first took the position at the authority on July 1, 2012 in an acting capacity for four years and was later confirmed as the substantive CEO, on April 22, 2016.

He spearheaded key projects such as the development and implementation of the Capital Markets Master Plan and corporate governance reforms including the development of a Code of Corporate Governance Practices for issuers of securities to the public.

Muthaura oversaw the successful demutualisation and self-listing of the NSE, an initial public offer of Kenya’s first Real Estate Investment Trust and the establishment of Principle Based Rule which empowered CMA to develop Policy Guidance Notes to support the rollout of Exchange Traded Products. Under Muthaura’s leadership, the authority has also been at the forefront of efforts to integrate capital markets regionally.