Veteran insurance executive Tom Mulwa has been appointed Chairman of the Nairobi Securities Exchange (NSE) Board, taking over from Kiprono Kittony, who will retire after completing his six-year term in office.
Mulwa’s appointment takes effect on July 13, 2026, a day after Kittony officially leaves office. The leadership transition was announced by the NSE on Wednesday, marking the end of a tenure that saw the country’s stock market regain momentum after years of slow growth.
The appointment comes as the Exchange pushes ahead with plans to attract more companies to list on the bourse, increase retail investor participation and strengthen Kenya’s position as one of Africa’s leading capital markets.
In a statement, the NSE said the board approved the transition following the expiry of Kittony’s term, describing it as part of the Exchange’s commitment to sound corporate governance, board independence and effective leadership.
Kittony exits after overseeing one of the NSE’s strongest recovery periods in more than a decade. During his tenure, the Exchange ended an 11-year drought in Initial Public Offerings (IPOs), with the successful listing of Kenya Pipeline Company earlier this year becoming one of the biggest milestones for Kenya’s capital markets.
The Exchange also expanded investment opportunities through new products targeting retail investors and accelerated the implementation of its 2025–2029 strategic plan, which focuses on increasing listings, improving market liquidity and broadening access to investment.
“During Mr Kittony’s tenure, the NSE recorded significant milestones, including ending an eleven-year IPO drought, introducing innovative products to expand retail investor participation, and driving the implementation of the Exchange’s ambitious 2025–2029 strategy,” the board said.
Kittony’s departure had been the subject of speculation earlier this year after he was appointed Chairman of Kenya Airways. At the time, reports suggested he would step down from the NSE before the end of his term, but the Exchange dismissed the claims, insisting he would remain in office until his tenure expired.
Beyond the NSE, Kittony is widely known for his leadership in Kenya’s private sector. He previously served as National Chairman of the Kenya National Chamber of Commerce and Industry (KNCCI), where he played a key role in promoting trade and supporting businesses. He has also served on the boards of several companies and institutions, including Credit Reference Bureau Kenya.
His successor brings decades of experience in insurance, financial services and corporate governance.
Mulwa has served as Chief Executive Officer of Liaison Group since 1999, after joining the company in 1991. Under his leadership, the company has grown into one of East Africa’s leading insurance brokerage and risk advisory firms with operations across several African countries.
He holds a Bachelor of Commerce degree from the University of Nairobi, a postgraduate qualification from the University of Leicester in the United Kingdom and is a Fellow of the Risk and Insurance Management Society (RIMS) through the Global Risk Management Institute.
In addition to leading Liaison Group, Mulwa chairs Kenya National REITs and serves on the National Investment Council. He joined the NSE Board in late 2025 as an Independent Non-Executive Director, bringing extensive private-sector experience to the Exchange.
The board said it expects Mulwa to build on the progress made over the past six years as the NSE pursues reforms aimed at deepening Kenya’s capital markets.
“The Board warmly welcomes Mr Mulwa and looks forward to his leadership as the Exchange builds on this strong foundation to deepen Kenya’s capital markets, broaden investor participation and create long-term value for shareholders and the economy.”
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