The KCB Group has appointed a new chief executive to replace Martin Oduor-Otieno who opted not to renew his contract due to expire in April 2013.

Joshua Nyamweya Oigara, the current chief finance officer, will take-over at the helm of KCB on January 1, 2013 after only a year with the bank.

Oduor-Otieno will proceed on terminal leave pending expiry of his term. He hasn't disclosed his next move. He has been CEO for six years, after serving for two years as a deputy CEO for strategy and new markets - positions that have since been scrapped in a restructuring process.

Oigara joined the bank in November 2011 as CFO from the Lafarge Group which owns Bamburi Cement. He was executive director and group finance director for the East Africa region.

"His expertise in driving transformational initiatives in regional businesses, strategy, business growth and change management will be invaluable in his new position.

"In the past 12 months, Joshua has demonstrated that he has the potential to lead this bank to its next level of growth," said group chairman Eng. Musa Ndeto.

The bank advertised the position two months ago. Ndeto said it "attracted a cross-section of high-calibre candidates from across the region and other parts of the world." He said Oigara scored the highest mark but declined to disclose who else came close.

The KCB board appointed Oduor-Otieno's successor this week and received regulatory go-ahead yesterday from the Central Bank.

"He is taking over the bank when it's on a high... we will ensure a smooth transition by the time I leave office," said Oduor-Otieno who has steered the bank through growth and expansion and strengthened its brand.

The bank is now hunting for the next CFO before its AGM. Ndeto said the position will also be advertised internally and externally.

Oigara holds an MBA from Australia's Edith Cowan University and a B.Com (Accounting) from University of Nairobi.