CMA kicks off search for Muthaura’s replacement

CMA kicks off search for Muthaura’s replacement

The board of the Capital Markets Authority (CMA) has commenced its search for a new Chief Executive Officer on behalf of the markets regulator.

The process initiated through the placement of a job advertisement running to September 27 follows a preceding notice by current CEO Paul Muthaura dated July 26, which expressed his intent to close out his stay at the helm of the capital markets regulator after seven years.

CMA’s board is subsequently expected to recommend a new chief executive to the National Treasury after its review of applicants ahead of the appointment of Muthaura’s replacement by the ministry’s Cabinet Secretary on a four year renewable contract.

The new capital markets chief is expected to offer continuity to the regulator’s ongoing 2018-2023 Strategic Plan which is centered on the propelling of the capital markets to be the key driver of financial services in line with the government’s medium term fiscal plan.

“The future Chief Executive will also be responsible for developing and implementing strategies to effectively address emerging issues, risks and opportunities in the markets to safeguard investor confidence and market integrity,” noted CMA’s board Chairman James Ndegwa.

At the same time, the new CEO will be tasked with filling Muthaura’s shoes which have seen the CMA feted as the most innovative market regulator on the continent for four consecutive years between 2015 and 2018.

Having first joined the CMA in September of 2015, Muthaura was first appointed acting CEO in 2012 following the exit of the then CEO Stella Kilonzo before being confirmed to the post substantially in 2016.

Paul Muthaura who was due for a renewable stint at CMA’s helm for a further four year’s will see his term officially close out on December 31, 2019.