Former Head of Public Service Joseph Kinyua elected KCB board chair
Former Head of Public Service Joseph Kinyua has been elected new board chair of the Kenya Commercial Bank (KCB) effective May 26, 2023.
In a statement on Friday KCB termed Kinyua's appointment as a new dawn for the Group's corporate governance journey.
"He (Kinyua) brings onboard deep financial services expertise and extensive public service management experience," KCB said.
Kinyua joined the KCB board on March 24, 2023.
He takes over from Andrew Wambari Kairu, who is proceeding on retirement after serving as Group Chairman for a 5-year term.
Kinyua, whose career spans over 44 years in public service, is credited with effectively holding a pivotal role in implementing key government initiatives and reforms including the liberalization of the banking sector, the foreign exchange market and the trade and capital accounts of the balance of payments among other initiatives.
Following his appointment, Kinyua thanked the Group Board for the new role saying: “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.”
On his part, Wambua said he is confident that he leaves behind a competent board.
“It has been an honour to serve the KCB Group. I leave behind a strong, diverse, and competent board that will continue to drive the business to achieve and sustain its strategic objectives and a seamless transition to ensure continuity. 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," Wambua said.
He added: “The election of Dr. Kinyua is a testament to KCB Group’s solid governance practices and
adherence to the Board Charter.”
Prior to Kinyua's appointment as the head of public service in 2013, he had served in various senior positions in the government, including as Permanent Secretary to the National Treasury.
He started off his career as an assistant lecturer at the University of Nairobi in 1978 before moving to the Central Bank of Kenya (CBK) two years later, where he became the director of research.
Between 1985 to 1990, he worked for the International Monetary Fund (IMF) as an economist before returning to CBK.
He also served as the Permanent Secretary at the Ministry of Planning and National Development and the Ministry of Finance between 2003 and 2013.
He has also served as an Alternate Governor on the Board of Governors of the World Bank and on the Programme Committee of the African Economic Research Consortium (AERC).