National Bank Managing Director Paul Russo has been appointed the new Kenya Commercial Bank (KCB) Group Chief Executive Officer (CEO), starting Wednesday, May 25.

Russo will be stepping in after Joshua Oigara, whose contract has ended.

"The appointment follows a competitively run selection process that kicked off in March 2022," the Group chairperson Andrew Kairu said in a Tuesday statement.

The Board thanked Oigara for his immense contribution to the Group over the last decade and added that he will remain for a period to support the transition.

"Oigara has been instrumental in deepening financial inclusion and social impact across East Africa," Kairu added.

Kairu said Russo has a wide experience in banking, operational and people management, strategy and a sharp business wit.

Russo is the former National Bank of Kenya CEO. He also worked as the KCB Group Regional Business Director.

"He has over 20 years of work experience spanning executive and key roles including the Group Human Resources (HR) Director," Kairu added.

Russo has a Master's Degree in Business from Strathmore University Business School and a Bachelor's Degree in Business Management from Moi University.

The new CEO also holds a Senior Executive Program for Africa Certificate from Harvard Business School and a Higher Diploma in Human Resource Management from the Institute of Human Resources, Kenya.