Nairobi — The Capital Markets Authority chairman Micah Cheserem has resigned from the board of Kenya Airways.

The resignation of Mr Cheserem, who was elected to the KQ board on November 21, 2003, was communicated through a letter sent to the Nairobi Stock Exchange chief executive Peter Mwangi.

"I write to inform you that Mr Micah Cheserem has resigned from the board of Kenya Airways Ltd due to the conflict of interest arising from his appointment as the chairman of the Capital Markets Authority," said the letter dated June 25 and signed by company secretary Fiona Fox.

President Kibaki appointed the former Central Bank of Kenya governor as CMA chairman in February this year to succeed Professor Chege Waruinge who had resigned from the post earlier in the year.

Mr Cheserem's appointment came a day after the Deputy Prime Minister and Minister for Finance Uhuru Kenyatta had issued a notice to reconstitute the Capital Markets Authority board.

This followed widespread complaints over the goings on at the Nairobi Stock Exchange with key players accused of various acts of impropriety.

Such are what saw stockbrokerage firms such as Nyaga Stockbrokers and Discount Securities among others collapsing.

An accountant by profession, Mr Cheserem has held various positions in the private sector including British American Tobacco, Lonrho and Unilever.