The board of the Capital Markets Authority (CMA) has began the search for anew chief executive officer to replace Paul Muthaura whose seven-and-a-half years stint ends on December 31.
Muthaura who opted not to extend his term was first appointed acting CEO in 2012 following the exit of the then CEO Stella Kilonzo before being confirmed to the post substantially in 2016.
In a job advertisement placed in a local daily yesterday, CMA chairman James Ndegwa said it intends to fill the position from January 2020.
"Applicants for the position should hold a Masters Degree in Law, Finance, Accounting, Economics, Banking, Insurance or equivalent from a recognised institution of higher learning,’’ the advertisement read.
They must have a 10- year experience at a senior management level in matters relating law, accounting, banking, economics or banking with membership of good standing of relevant professional body.
The new capital markets chief is expected to offer continuity to the regulator’s ongoing 2018-2023 Strategic Plan which is centered on the propelling of the capital markets to be the key driver of financial services in line with the government’s medium term fiscal plan.
CMA’s board is subsequently expected to recommend a new chief executive to the National Treasury after its review of applicants ahead of the appointment of Muthaura’s replacement by the ministry’s Cabinet Secretary on a four year renewable contract.
“The future chief executive will also be responsible for developing and implementing strategies to effectively address emerging issues, risks and opportunities in the markets to safeguard investor confidence and market integrity,” noted CMA’s board Chairman James Ndegwa.
Muthaura was first appointed acting CEO in 2012 following the exit of the then CEO Stella Kilonzo before being confirmed to the post substantially in 2016.
