NAIROBI, Kenya, May 25- Joshua Oigara has left the Kenya Commercial Bank (KCB), where he served as the Chief Executive Officer for 9 years and 5 months.
Oigara will be replaced by Paul Russo, the KCB group announced on Monday in a statement to Newsrooms.
According to a statement from the lender’s board, Oigara will be leaving the Group following the end of his contract but will remain for a period of time to support the transition.
“The Board acknowledges Oigara’s immense contribution in driving the growth of the Group business over the decade. He has been instrumental in deepening financial inclusion and social impact across East Africa,” the KCB Group Chairman, Andrew Kairu said in a statement.
The appointment follows a competitively run selection process that kicked off in March 2022.
The KCB Group said Russo, “brings a wealth of experience in banking, operational management, people management strategy and sharp business acumen.”
Russo was the Managing Director National Bank of Kenya since it was acquired by KCB in 2019.
Oigara has steadily steered KCB in the last nine years and five months, taking the lender from a profit of Sh14.3 billion in 2013, when it registered a 17 percent profit, to Sh34.2 billion net profit as of December 31, 2021, riding on an economic recovery across markets.
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