![[Kenya] National Bank makes management appointments](National Bank.jpg)
[Kenya] National Bank makes management appointments
Mid-tier lender National Bank has made a raft of changes and appointments in the management level following the exit of some of its senior managers who were accused of failing to adhere to corporate governance rules.
The bank has appointed Peter Kioko as the new chief finance officer in what it said was key in helping it execute its transformation strategy.
It also appointed Duncan Okun as the new chief risk officer, Andrew Kimani as ICT director and Stephen Gathogo as the credit director.
“Kioko joins the bank as the CFO responsible for financial strategic leadership in the bank, providing efficient management of resources and providing support in the development and implementation of the corporate strategy of the bank,” managing director Wilfred Musau said in a statement.
“He has 20 years’ experience in various companies within the broader financial management domain of banking, FMCG (fast moving consumer goods) and manufacturing sectors.”
Kioko's appointment signals renewed efforts by NBK to battle allegations of mismanagement and a loose credit policy, which was blamed for the staggering $112 million loss that it posted in the financial year ended March 2016. This was a 234.4 per cent drop in profitability from $7 million net profit posted in 2014.
Financial statements show the loss resulted from increased bad debt which forced the lender to increase loan loss provisions by 608.1 per cent from $52 million to $372 million.
As a result of the poor performance, NBK, which is majority owned by the state through the National Treasury, sacked Kisire alongside chief executive Munir Ahmed, chief credit officer George Jaba, ICT director Mohammed Abdala and corporate institution business banking director Boniface Biko.
It was their exit that kicked in a new wave of appointments, starting with Musau who took over as acting CEO but has since been confirmed.
Other appointments executed in the past six months include Cromwell Kedemi who took over the position of premium banking director, Francis Ogwao (integrated distribution channels director, Anne Njoroge (chief credit officer), Shadrack Kiamuko (ICT director ) and Reuben Koech (corporate institution business banking director).
