The Nairobi Securities Exchange (NSE) has announced the appointment of Frank Mwiti as the new Chief Executive Officer, succeeding Geoffrey Odundo, who is set to retire on March 1 after nine years of service.

Kiprono Kittony, the Chairman of the NSE Board, disclosed the appointment in a public notice addressed to the Board of Directors, shareholders, stakeholders, and the public, dated February 19.

Mwiti is expected to assume his new role on May 2, pending regulatory approvals by the Capital Markets Authority.

“The appointment follows a comprehensive and rigorous recruitment process,” Kittony said Monday.

He described the incoming CEO as a dynamic and accomplished business leader with over two decades of diverse international professional experience in strategy, governance, business development, risk management, corporate finance, mergers and acquisitions, and performance improvement.

Mwiti brings extensive experience to the role, having previously served as the Partner and Eastern Africa Markets Leader for Ernst & Young (EY), where he oversaw strategic business development across several countries, including Kenya, Ethiopia, Uganda, Tanzania, Rwanda, Burundi, and South Sudan.

He has also held managerial positions at PricewaterhouseCoopers (PwC) and EY in the United Kingdom, as well as roles at UBS and Deutsche Bank.

Kittony expressed confidence in Mwiti’s capabilities and exceptional experience in frontier, emerging, and developed financial markets.

He noted that Mwiti will play a crucial role in driving the next phase of growth for the NSE and supporting the government’s capital markets agenda.

The Board commended outgoing CEO Geoffrey Odundo for his dedicated service and outstanding performance during his tenure.

Kittony credited Odundo with transforming the NSE into a world-class exchange, introducing globally accepted investment products, cutting-edge technology, and championing sustainability initiatives in the capital market.

To facilitate a smooth transition between Odundo and Mwiti, the Board has appointed David Wainaina as the acting CEO, effective March 2 until May 1, 2024.

Wainaina currently serves as the NSE Chief Operating Officer.