Paul Muthaura set to exit Capital Markets Authority after 7 years as CEO

Capital Markets Authority (CMA) Chief Executive Officer Paul Muthaura will not seek out a new term to be the regulator’s chief when his term ends January 2, 2020.

The voluntary decision brings his seven year stint as the CMA top executive to a close having been first appointed as CEO on an acting role on July 1, 2012.

CMA Board Chairman James Ndegwa confirmed the impending exit of Muthaura on Friday with the CEO having served a notice of intent to board members.

Mr. Ndegwa highlighted the board’s appreciation of Muthaura’s contribution to the Capital Markets regulator having first joined the institution in September of 2005.

“Mr.  Muthaura has been instrumental in leading the team at the authority in positioning Kenya in the regional and global capital markets arena through enhancing the regulatory and legal framework, expanding the scope of capital markets products, and ensuring that Kenya attains the ambition of deepening it’s capital markets to become the heart of African capital markets,” read the board’s statement in part.

Muthaura has held various roles at CMA including positions as the Director, Regulatory Policy and Strategy, Legal Framework and Head of Enforcement.

He also served as an Emerging Markets Advisor with the General Secretariat of the International Organization of Securities Commissions (IOSCO).

Before crossing over the divide into the regulatory space, the London School of Economics educated executive served as the senior commercial associate with law firm Daly and Figgis Advocates.

Mr. Muthaura has over his tenure worked to diversify the domestic capital markets to encompass most recently the approval of innovations such as the mobile traded government bond M-Akiba and the fintech sandbox which taps innovations into the evolving capital markets space.

Muthaura takes leave of tenure at the height of success with the CMA having been feted as the most innovative Capital Markets Regulator in Africa for four consecutive years between 2015 and 2018.

The regulator was last year further feted for its immense contribution to the capital markets stability on the continent.

At the same time, the CEO leaves midway through the implementation of the CMA 2018-2023 Strategic Plan which seeks to propel the capital markets to be the key driver of financial services in line with the Vision 2030 medium term III plan.

“As an institution, we have reiterated our commitment to an evidence-based and policy-driven approach to execution of our regulatory and development mandates,”  Mr. Muthaura wrote in the strategy policy statement.

“Through this approach, we are confident we will strengthen our credibility in the global capital markets space as a leading voice on policy and regulatory concerns that affect developing economies with evolving frontier and emerging capital markets.”

Muthaura was named as the substantive CEO for the regulator by former Treasury Cabinet Secretary Henry Rotich in 2016 having taken up ranks on a provisional basis in 2012 following the exit of then CEO Stella Kilonzo on a voluntary basis and following the expiry of her four-year renewable stint in June of 2012.

Muthaura holds other roles within the expansive capital markets including Chairman to the Consultative Committee of the East African Securities Regulatory Authorities (EASRA).

The exiting CEO further serves on the board of the Insurance Regulatory Authority (IRA) and the Retirement Benefits Authority (RBA) in addition to serving on the Vision 2030 secretariat board.

Further to his Master of Laws degree from the London School of Economics, Muthaura holds a Masters in Philosophy from the Dutch based Maastricht School of Management in addition to his elementary law degree from the UK based University of Warwick.

The CMA board has assured for a smooth transition through a coordinate recruitment process for the regulator’s next CEO.