The board of the Capital Markets Authority (CMA) will begin coordinating the succession trail of its chief executive after the contract of current occupant Paul Muthaura expires in January 2020.
In a statement, the CMA board said that current CEO Muthaura has served notice of his intention not to seek another term at the regulator. In doing so, Muthaura is declining to continue at the helm of CMA for another four years.
Through the CMA Chairman James Ndegwa, the regulator announced that the Board accepted Muthaura’s decision during a meeting on July 26.
“Mr. Ndegwa elaborated that Mr. Muthaura had scored highly in all his performance appraisals since becoming Chief Executive and that, while respecting his decision, the Board would have gladly considered a further renewal of Mr. Muthaura’s contract,” the statement reads in part.
Muthaura has been at CMA since 2005 and took over as CEO in 2012 in an acting capacity. He was substantively confirmed in 2016.
“The CMA Chairman noted Mr. Muthaura has been instrumental in leading the team at the Authority in positioning Kenya in the regional and global capital markets arena through enhancing the regulatory and legal framework, expanding the scope of capital markets products, and ensuring that Kenya attains the ambition of the 10-year Capital Markets Master Plan (2014-23) to become the heart of African capital markets,” the statement reads.
Since September 2014, Muthaura has been an elected Board Member of the International Organization of Securities Commissions (IOSCO) and is currently the Chairman of the Africa and Middle East Regional Committee of IOSCO (April 2018 – May 2020).
He is also the Chairman of the Consultative Committee of the East African Securities Regulatory Authorities (EASRA). At the national level he serves on the boards of the Insurance and Pensions regulators as well as the Vision 2030 Delivery Board.
During Mr. Muthaura’s tenure as Chief Executive, CMA has been feted as the Most Innovative Capital Markets Regulator in Africa four years in row, 2015-2018, and for its Outstanding Contribution to Capital Markets Stability Africa in 2018.
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