Home Business Jamii Bora gets new chief executive ahead of capital injection plan

Jamii Bora gets new chief executive ahead of capital injection plan

by kenya-tribune


Outgoing Jamii Bora CEO Sam Kimani. FILE PHOTO | NMG 

Jamii Bora Bank will have a new boss after the lender announced that its current chief executive officer Samuel Kimani has taken early retirement amid a plan to unveil a new strategic investor.

The bank’s deputy CEO, Timothy Mwaniki Kabiru, will now take over the helm from his boss who opted to pursue other interests after a seven-year stint at the firm.

Mr Kimani, who also serves as the Nairobi Securities Exchange board chairman, will, however, retain his seat on the Tier 3 lender’s board as a member to smoothen the transition.

Jamii Bora board chairman Richard Kiplagat Wednesday said the firm had accepted Mr Kimani’s request to retire early from the bank whose focus remains being a regional leader in the finance space.

“Mr Kimani has been a brilliant leader for the bank and we greatly benefited from his insights. The board wishes him well in his future endeavours. The transition is expected to be smooth given that Mr Kabiru has been an insider at the bank and his predecessor remains a board member who will be available for any consultations needed,” Mr Kiplagat said.

Mr Kabiru, who joined the bank’s senior management in December of 2011, has more than 23 years of banking experience with 18 in senior management positions leading retail, Treasury and institutional banking teams in ABN Amro Bank, Co-op Bank #ticker:COOP and KCB #ticker:KCB.

He is also an executive director and sits on the institution’s board.

His predecessor holds a Bachelor of Science Degree in civil engineering and an MBA from the University of Nairobi. He has served in various positions at the Central Bank of Kenya as well as at the Deposit Protection Fund where he headed the surveillance division.

Jamii Bora says it is set to unveil a strategic investor in what is expected to be a shot in the arm for the lender’s growth plans.

The bank wants to raise about Sh5 billion from various sources, including strategic investors, a rights issue and convertible debt.

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