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KCB Appoints New CEO After Joshua Oigara’s Sudden Exit

KCB Group Board goes for an insider to head the bank but remains silent on why outgoing CEO Joshua Oigara left prematurely

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The KCB Group PLC Board has today 24th May 2022 appointed Paul Russo as the company’s Group Chief Executive Officer (GCEO) effective May 25, 2022. He replaces Mr Joshua Oigara who has been the GCEO for the last nine and a half years. KCB said in a statement Mr Joshua Oigara will be “available for a period of time” to support a smooth transition.

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The appointment follows a competitively selection process that kicked off in March 2022, the board said, adding that Mr Russo brings a wealth of experience in banking, operational management, people management, strategy, and a sharp business acumen. Paul Russo has been the Managing Director National Bank of Kenya (NBK) and the KCB Group Regional Business Director.

Mr Russon, who has over 20 years of work experience spanning executive and key roles including Group Human Resources Director at KCB, holds an MBA from Strathmore University Business School and a Bachelor of Business Management from Moi University.

He also holds a Senior Executive Program for Africa Certificate from Harvard Business School and a Higher Diploma in Human Resource Management from the Institute of Human Resource Management (Kenya). “Paul has consistently been a great leader of outstanding performance,” the KCB Group Chairman Andrew Wambari Kairu said.

Over the past eight years while at KCB, he has been involved in the running of key strategic assignments within the Group, lately looking after the regional businesses (KCB businesses Tanzania, Rwanda, Burundi, Uganda, South Sudan as well as KCB Capital and KCB Bancassurance Intermediary) and National Bank of Kenya.

“He is therefore the right person for the job and will take the Group to the next level in its growth ambitions to become the undisputed regional leader and drive much-needed business transformation for greater impact of economies and communities around us,” said KCB Group Chairman Andrew Wambari Kairu.

Paul Russon
Mr Paul Russo (above) has over 20 years of work experience spanning executive and key roles including Group Human Resources Director at KCB group. [ Photo / Courtesy ]
Mr Kairu said the board is confident that he will carry on with the Group’s resolve to simplify the world of for KCB stakeholders to enable their progress. “During his tenure at NBK, he has executed a significant turnaround, moving the previously loss-making business into profitability and on a trajectory for stronger growth into the future,” said the Chairman.

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The Board commended Joshua for his service to the Group since joining in 2011. “Joshua has had a fantastic run as the Group CEO and MD and has led the Group through its fastest growth in a decade,” Mr Kairu said.

“He has left a solid legacy for the Group across Africa and beyond that is dotted by transformation of millions of lives, enhanced financial inclusion across the region, digital banking innovations and has built a Group that is anchored on sustainable business practices,” he added.

He added: “The board appreciates Joshua’s immense contributions and wishes him well in his future endeavors.”

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KALU MENGOhttp://www.businesstoday.co.ke
Kalu Mengo is a Senior Reporter With Business Today. Email: [email protected]
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