- Kairu had served as Group Chairman for a term of five years in line with the Board Charter.
- Wambari had served as Group Chairman for a term of five years in line with the Board Charter.
KCB Group Board has elected former Head of Public Service Joseph Kinyua as the new Chairman of the Group Board.
In a statement on Friday, KCB Group said Kinyua will assume his new roles effective May 26, 2023.
He takes over as Group Chairman from Andrew Wambari following his retirement.
Wambari had served as Group Chairman for a term of five years in line with the Board Charter.
"Kinyua has enjoyed an illustrious career spanning over four decades in public service and has a wealth of experience in public administration, economic planning, and policy direction," the statement read.
Kinyua is credited for implementing key government initiatives and reforms.
They include the liberalization of the banking sector, the foreign exchange market and the trade and capital accounts of the balance of payments, among other initiatives.
Prior to his appointment as the Head of Public Services in 2013, he had served in various senior positions in the government, including as Permanent Secretary to the National Treasury.
"The appointment of Kinyua heralds a new dawn for KCB Group's Corporate Governance journey as he brings onboard deep financial services expertise and extensive public service management experience," the statement read.
Kinyua thanked the Group Board for the appointment saying he is ready to serve KCB.
"I am grateful for the confidence shown by the members in electing me to serve as Chairman and look forward to working together to propel KCB Group to even greater heights in the Eastern and Central African Region as the bank of choice in providing financial services to our people," he said.
Wambari on his part said he is leaving KCB in the hands of a strong, diverse, and competent board.
"I would like to thank all our shareholders, my fellow board colleagues, our employees, regulators, and all partners for the transformative collaboration, we have had that has led to the various successes our Group has achieved over the last five years," Wambari added.
"The election of Kinyua is a testament to KCB Group's solid governance practices and adherence to the Board Charter."