Kenya Commercial Bank (KCB) has decided to select its new Chief Executive Officer (CEO) from in-house, appointing its Chief Financial Officer (CFO) Joshua Nyamweya Oigara as the man for the top job.
Oigara, who has served as CFO of the Bank for a year, will officially take over on January 1 2013, as his predecessor Martin Oduor-Otieno bows out.
"The Bank has been on a long-term strategy which we'll continue and support providing innovative solutions and with our regional agenda in growth across East, Central and Southern Africa in the mid-term," the incoming CEO said during a press briefing.
Prior to joining KCB Oigara worked in various high level positions at Bamburi Cement Limited and other corporates, with his expertise in strategy, commercial business, performance improvement, Information Technology excellence and business advisory.
He holds an MBA graduate from the Edith Cowan University (ECU) in Australia and a Bachelor of Commerce (Accounting) degree holder from the University of Nairobi, to name a few of his accomplishments in academia.
Group Chairman Eng. Musa Ndeto said Oigara emerged tops out a competitive field of high calibre candidates from Africa and other parts of the world.
"After rigorous interviews which took more than two months, last week the board was presented with the appointment of the next successor. He scored highest and ranked number one," said Ndeto.
KCB set the bar high for the incoming CEO to replace Oduour-Otieno, requiring an experienced individual who has managed blue chip banks or corporates with an asset base of at least Sh297.5 billion.
Oduor-Otieno, a Harvard Business School Alumnus, chose not to divulge his plans for the future after exiting the Bank that he joined as a director in 2005, but exuded confidence in Oigara's ability to lead the bank.
"Joshua understands the issues we face as a bank and the direction we wish to take. He's taking over the bank at a time when it's on a high," he said.
KCB reported a 35 percent increase in net profit for the third quarter to Sh8.7 billion driven primarily by growth in its regional markets.
"I look ahead and see KCB as a significant Pan-African player with the capacity to support African businesses and boost the integration of our various common markets through sustained growth in all areas of our business segments," Oduor-Otieno said.
So far the Bank has a presence in Uganda, Tanzania, South Sudan, Rwanda and Burundi.