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Nairobi Securities Exchange CEO Peter Mwangi moves to Old Mutual Kenya

The well-respected CEO of the Nairobi Securities Exchange (www.nse.co.ke), Peter Mwangi, is to take up a new job as Group CEO at financial services company Old Mutual Kenya with effect from 1 October. Mr Mwangi has served at the NSE since 24 November 2008 and his contract was renewed in 2011 but according to regulations a CEO of an exchange can only serve 2 terms.

Mr Mwangi and his top team have made huge progress in boosting the activity and standing of the NSE. Kenya’s Standard reports that major strategic projects implemented while he was CEO include:

  • Trading treasury bonds on the automated trading system,
  • Reducing the trading and settlement cycle to four days
  • Demutualizing the exchange and selling its shares to the public.

Local press reports that in a statement sent to newsrooms Mr Mwangi says he expects the bourse to build on the foundations it set to be one of the most efficient and well capitalized exchanges on the continent.

Old Mutual continues in expansionary form in Africa, and an analyst reports: “Old Mutual has been accelerating its growth agenda within the African continent, expanding its footprint both organically and inorganically and Mr. Mwangi’ s appointment comes at an exciting time for the Group as whole as he will be in charge of spearheading Old Mutual agenda in this region. In 2013, the Group announced that it plans to invest $500M in East and West Africa, and we have already seen this as the Group has established operations in Nigeria and Ghana. In Kenya, the Group acquired Faulu Kenya which is in the process of been integrated in Old Mutual’s operating model.”

Tavaziva Madzinga, Old Mutual Africa Chief Operations Officer, was quoted on CapitalFM: “With the Group’s focus on growing in East Africa, and Kenya in particular, Mwangi will guide the delivery of Old Mutual’s commitment to provide affordable insurance and banking solutions to millions of Kenyans.”

Peter Muthoka, Chairman of the Board of Directors of Old Mutual was reported as saying: “The importance of our customer cannot be emphasised enough. We are dedicated to our vision of becoming our customers’ most trusted financial partner and we look forward to working closely with Mr Mwangi in serving Kenyans to empower them financially to achieve their goals.”

According to his profile on Businessweek: Before joining the NSE Mr Mwangi had been CEO and Managing Director of Centum Investment Company, (formerly, ICDC Investment Company until it changed its name in 2008) from December 2004 to October 15, 2008. He had joined been company secretary from 2000 to 2004 and has also been Investment Manager. His working career began as a Technical Officer in the Kenya Air Force, where he was involved in the maintenance of avionic communication systems and the development of the Air Force’s information and communication technology (ICT) strategy.

His degree is BSc in Electronic Engineering from University of Nairobi. He is also a Member of Certified Public Accountant of Kenya (ICPAK) and the Institute of Certified Public Secretaries of Kenya (ICPSK) and is a Chartered Financial Analyst.

He serves as a Director of UAP Insurance Sudan Ltd., Kisii Bottlers Limited, Mount Kenya Bottlers Limited, Rift Valley Bottlers Limited, Eveready Batteries Limited, KWAL Holdings Limited and Central Depository & Settlement Corporation Limited. He serves as a Director of Nairobi Stock Exchange Ltd., and Wildlife Works Inc. He is also a member of the Institute of Directors (IOD).

Peter Mwangi

Peter Mwangi

Stock exchange CEO wanted

The Dar es Salaam Stock Exchange is advertising for a new CEO, see here on the DSE website for the job advertisement. The deadline is this Friday, 15 February.
The contract of the previous CEO Gabriel Kitua, expired on 31 January. Gabriel is recommended from my own experience, as a firm and results-oriented manager with vision who had the drive and hard work to make it happen. He read reports carefully and made constructive inputs and he was also pragmatic and believed in progress. We wish him all the best going forward.
Pending the new appointment, the DSE is in the capable hands of Mary Mniwasa, a lawyer who has served the DSE for long as Corporate Affairs Manager and Legal Counsel, including many key strategic and management processes.
Dar es Salaam and the Tanzanian economy are both booming with much growth still to come. The people and place are very pleasant. Closer links across the East African community are hotting up the pace of progress, modernization and integration. The DSE and its key stakeholders, the Capital Markets and Securities Authority, the Bank of Tanzania, the Government, issuers, stockbrokers and investors, are pushing processes of modernization and change including a demutualization strategy and an ambitious 5-year plan.
We wish them all the luck with the recruitment process.