25 August 2014

Kenya: Mwangi Heads to Old Mutual After NSE Exit

Nairobi — Old Mutual Kenya has appointed outgoing Nairobi Securities Exchange managing director Peter Mwangi as the new Group Chief Executive Officer (CEO) effective October 1, 2014.

Mwangi has been working as the CEO and Managing Director of NSE and earlier on served as the Managing Director of Centum Investment Company.

The outgoing Old Mutual Kenya CEO Rueben Java who held the reins from September 2013 has been reassigned to the life business at Old Mutual Zimbabwe, one of the most significant contributors to the Africa business, as part of realignments to best serve the Group's expansion strategy.

Old Mutual Africa Chief Operations Officer, Tavaziva Madzinga, expressed the group's enthusiasm in Mwangi's appointment.

This is among several initiatives that support the group's intentions to focus on East and West Africa s as its core growth markets.

"We are excited to welcome Mr Mwangi to the Old Mutual Group. He is an experienced leader with a proven track record of steering companies to deliver market-led solutions for customers. He has served across various East African companies at both Director and board levels. We will look to benefit from this experience to grow our business across East Africa."

With the Group's focus on growing in East Africa, and Kenya in particular, Mwangi will guide the delivery of Old Mutual's commitment to provide affordable insurance and banking solutions to millions of Kenyans.

"The importance of our customer cannot be emphasised enough. We are dedicated to our vision of becoming our customers' most trusted financial partner and we look forward to working closely with Mr Mwangi in serving Kenyans to empower them financially to achieve their goals," said Peter Muthoka, Chairman of the Board of Directors.

Mwangi is set to exit the NSE in November after six-year tenure at the bourse following completion of two terms of three years each.

Amendments to the Capital Markets (Licensing Requirements) (General) Regulations (2002) that came into force in 2012 require that a chief executive of the NSE only serve for two terms.


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