Frank Mwiti is set to assume the role of CEO at the Nairobi Securities Exchange (NSE), succeeding Geoffrey Odundo, whose nine-year term ends on March 1, 2024.
Mwiti, with over two decades of diverse international professional experience in strategy, governance, risk management, and corporate finance, among others, has previously held positions at notable firms including PwC, EY-Parthenon, Deutsche Bank, and Afrika Kapital.
The NSE’s Board highlighted Mwiti’s dynamic leadership qualities and strategic capabilities, expressing confidence in his ability to steer the exchange towards its next phase of growth. Mwiti’s term is scheduled to commence on May 2, 2024.
In the interim period between Odundo’s retirement and Mwiti’s assumption of office, David Wainaina, the current COO of NSE, has been appointed as the acting CEO.
Odundo’s tenure has been marked by both challenges and successes. While the NSE has faced difficulties in attracting new listings, it has witnessed the introduction of several new products under his leadership. However, foreign investor participation remains subdued, contributing to low liquidity levels despite the perception of undervalued listed stocks.
With Mwiti’s appointment, there is optimism for a revitalization of the NSE, particularly as the government and investors seek to rejuvenate the exchange. One of Mwiti’s key responsibilities will be overseeing the public listing phase of the government’s privatization plans, aiming to divest state assets to either the public or private investors.
