Tom Mulwa to chair NSE board as Kittony exits after transformative six-year tenure

The Nairobi Securities Exchange (NSE) has announced a major leadership transition at its board, with veteran financial services executive Tom Mulwa set to take over as chairman from July 13, succeeding Kiprono Kittony, whose six-year tenure comes to an end.

The changes, announced by the NSE Board of Directors Wednesday, follow the conclusion of Kittony's term as Board Chairman and an ongoing review of the board's composition aimed at strengthening governance, independence and long-term institutional oversight. 

Kittony will retire as Chairman and Independent Non-Executive Director effective July 12, 2026, after overseeing one of the Exchange's most transformative periods. 

"The changes follow the conclusion of the term of the Board Chairman and a review of the Board's composition in line with the Exchange's commitment to strong governance, independence and long-term institutional oversight," the NSE said in a public announcement. 

The Board confirmed that Mulwa's appointment as Chairman takes effect on July 13, following approval by directors on June 30.

Mulwa joined the NSE Board as an Independent Non-Executive Director in September 2025 and brings more than three decades of experience in financial services, investment, insurance and corporate governance. 

He is among the pioneers of Liaison Group, where he has served in senior leadership since 1991 and as Chief Executive since 1999, overseeing the firm's growth into a leading pan-African financial services group with operations across East and Southern Africa. 

The incoming chairman also serves as Chairman of the Kenya National REITs and is a council member of the Association of Pension Trustees and Administrators of Kenya (APTAK).

He is a Fellow of the Global Risk Management Institute and has held leadership positions in several economic and social organisations across Africa.

"The Board warmly welcomes Mr Mulwa and looks forward to his leadership as the Exchange advances its 2025–2029 strategy to deepen the market, broaden retail participation and strengthen Kenya's position as a leading African capital market," the statement said. 

Mulwa assumes office at a time when the Exchange is seeking to expand investor participation, introduce new financial products and enhance market competitiveness.

His appointment follows the retirement of Kittony, who joined the NSE Board in May 2018 before being appointed chairman in July 2020. 

During his tenure, the Exchange achieved several milestones that reshaped Kenya's capital markets. Among the landmark achievements was ending an 11-year initial public offering (IPO) drought with the listing of Kenya Pipeline Company and Family Bank.  

The Exchange also introduced single-share trading and launched the Zidi Trader M-Pesa platform, significantly increasing retail investor participation.

Kittony also championed sustainable finance initiatives and oversaw the implementation of the Exchange's ambitious 2025–2029 strategy aimed at accelerating innovation, resilience and long-term growth.

Under his leadership, the NSE was ranked Africa's best-performing stock exchange in 2024 and the continent's second-best-performing exchange in 2025 based on dollar returns. 

"The Board expresses its sincere appreciation to Mr Kittony for his distinguished service, principled leadership and lasting contribution to the Exchange's strategic direction, governance and market development," the statement said.

"The Board thanks him for his dedication and wishes him every success in his future endeavours, including his new role as Chairman of Kenya Airways PLC." 

Beyond the NSE, Kittony is widely recognised as a business leader and entrepreneur with extensive experience in corporate leadership both locally and internationally. 

He was awarded the Elder of the Order of the Burning Spear (EBS) in 2019 for his contribution to national development. 

The transition comes as the Exchange intensifies efforts to modernise Kenya's capital markets and attract more domestic and international investors. 

With Mulwa taking over the chairmanship, the Board says it is confident the Exchange will build on recent gains and continue creating long-term value for shareholders while supporting the country's broader economic growth agenda