NAIROBI – Mr Andrew Wachira has been appointed acting chief executive of the Nairobi Securities Exchange. the NSE’s Board of Directors announced today Mr Wachira’s tenure will commence immediately following the exit of Mr Peter Mwangi.
The decision to appoint an insider was reached at a board meeting where Mr Wachira, who has served at the NSE for over a decade, emerged best. He has been the head of compliance and legal department since 2009. A lawyer by profession, Mr Wachira is an advocate of the High Court of Kenya and is also a member of the Law Society of Kenya.
“Andrew has been instrumental in the implementation of a number of key initiatives at the Exchange. His experience, leadership skills and wealth of knowledge will ensure a smooth transition for the Exchange,” said Mr Eddy Njoroge, the NSE chairman. “As we formalise the substantive recruitment of a Chief Executive, we are confident that he will execute this interim position commendably.”
One of the major tasks on Mr Wachira’s desk will be implementation of the new trading system that enables listing and trading of foreign-currency bonds launched by his predecessor. Started late last month, the trading system will enhance NSE’s shift to a same-day settlement model for bonds expected to improve turnover and all eyes will be on Mr Wachira to execute this new system.
His predecessor, Mr Mwangi, joined NSE from Centum in 2000 as an investment manager and Company Secretary and rose through the ranks to the CEO’s position. He oversaw the rebrand from Nairobi Stock Exchange to Nairobi Securities Exchange in July 2011.
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