Frank Mwiti Appointed NSE CEO As Geoffrey Odundo Exits
Frank Mwiti has been appointed the new CEO of the Nairobi Securities Exchange (NSE) effective May 2, 2024.
Mwiti takes over from the current CEO Geoffrey Odundo who completes his tenure as the Chief Executive of the NSE on March 1, 2024, having ably served for nine years at the helm.
“The Board would like to extend its sincere appreciation to Mr Odundo for his dedicated service and stellar performance as the Chief Executive. Through his pioneering vision, he has transformed the NSE into a world-class exchange anchored on a wide variety of globally accepted investment products and cutting-edge technology, including the Real Estate Investment Trusts (REITs), Exchange Traded Funds (ETFs), Derivatives Market, Green Bonds, the Ibuka Program and the Unquoted Securities Platform,” NSE board said in a statement.
“Mr Odundo has also been instrumental in commercializing the Exchange which is today a publicly listed company with ownership interests in the region. He has also championed the Sustainability agenda in the capital markets, especially the issuance of the NSE Environmental, Social and Governance (ESG) Disclosures Guidance Manual.”
Following the completion of Odundo’s tenure, the board has announced the appointment of Frank Mwiti as the new Chief Executive of the NSE effective May 2, 2024, subject to appropriate regulatory approvals by the Capital Markets Authority.
The board termed Mwiti as a dynamic and accomplished business leader with more than two decades of diverse and international professional experience in strategy, governance, business development, risk management, corporate finance, mergers & acquisitions and performance improvement.
Mwiti is the outgoing Partner and Eastern Africa Markets Leader for Ernst & Young (EY), responsible for leading strategic business development of EY’s assurance, tax, consulting, strategy and transactions services across Kenya, Ethiopia, Uganda, Tanzania, Rwanda, Burundi and South Sudan.
Previously he worked as a Manager, Banking and Capital Markets Advisory at PricewaterhouseCoopers (PwC) and EY United Kingdom (UK), as well as an Associate Director, Investment Banking at UBS, UK. Mr. Mwiti equally served as a Management Consultant, Investment Banking at Deutsche Bank, UK and as Chief Executive Officer and Managing Director, Afrika Kapital, UK, a firm he founded and in which he was involved in advising Deutsche Bank and Lloyds Banking Group on a wide array of financial products including Forex, Equities, Fixed Income, Commodities and Synthetics & Listed Derivatives in London, New York, Frankfurt, Singapore, Moscow and Hong Kong.
“The Board is confident of Mr Mwiti’s strategic capabilities and exceptional experience in frontier, emerging and developed financial markets and will play a critical role in accelerating the next phase of growth of the NSE, as well as support the Government’s capital markets agenda. The Board is delighted to welcome Mwiti to the NSE and will accord him the necessary support to implement strategic initiatives that will accelerate the company’s growth and enhance Kenya’s appeal to international investments,” the board added.
Before Mwiti takes over, the board has appointed David Wainaina as the Acting Chief Executive effective March 2, 2024, up to May 1, 2024.
Wainaina is the current NSE Chief Operating Officer. He has over 18 years of experience in the capital markets and has been central in the implementation of key projects, including the automation of the equities and the fixed income (Bonds) markets, at the Bourse.