Kenya: Stanchart Bank CFO Chemutai Murgor Resigns

By Kevin Rotich

Nairobi — Chemutai Murgor has resigned as Chief Financial Officer and Executive Director of Standard Chartered Bank Kenya Limited, ending a tenure of more than 15 years.

The lender's Company Secretary Judy Nyaga said Murgor will step down effective May 31, 2026.

"The Board of Directors wishes to announce the resignation of Chemutai Murgor from her role as Chief Financial Officer (CFO) and Executive Director of Standard Chartered Bank Kenya Limited effective 31 May 2026," Nyaga said in a statement.

Her departure comes shortly after the bank's Managing Director and Chief Executive Officer Kariuki Ngari announced his retirement after 24 years with the lender.

The exits follow a legal setback in which the Supreme Court of Kenya ordered the bank to pay about Sh7 billion to more than 600 former employees in a long-running pension dispute.

It came after the court dismissed an application by the bank seeking to halt a Court of Appeal decision directing it to settle pension dues owed to retirees.

The dispute began after the Retirement Benefits Authority (RBA) dismissed the retirees' claims, prompting them to move to the Retirement Benefits Tribunal. The Tribunal ruled in their favour, ordering the correct computation and payment of pension benefits.

The bank challenged the decision at the High Court, which dismissed its petition, before escalating the matter on appeal, arguing that the Tribunal lacked jurisdiction and erred in its handling of the case.

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