Lender KCB has announced Paul Russo as its new CEO.
This is after the departure of its long-time head, Joshua Oigara, who has been with the bank for nine years. He was supposed to exit the company a year ago, but the KCB board extended his tenure by the same period.
It was also reportedly announced that he would retire at the end of his CEO role at KCB.
“The KCB Group PLC Board has today appointed Paul Russo as the company’s Group Chief Executive Officer (GCEO) effective May 25, 2022. He replaces Mr. Joshua Oigara who has been the GCEO for the last nine and a half years,” says a statement sent out by the bank.
Oigara has spearheaded the company to greater heights during his time with the institution. He has seen the bank grow its revenues substantially, and his role in building partnerships with other companies, including Safaricom has also allowed the bank to expand its offerings, including products such as KCB M-PESA, and its stake in overdraft Fuliza alongside NCBA.
KCB adds that Oigara will be available for a period of time to support a smooth transition. The appointment follows a competitively run selection process that kicked off in March 2022.
We do not know his next work destination, but we are certain that information will be available in the next couple of days.
The banks says that Paul Russo brings a wealth of experience in banking, operational management, people management, strategy, and sharp business acumen.
He is currently the Managing Director of National Bank and the KCB Group Regional Business Director.
“Paul Russo is the right person for the job & will take us to the next level in its growth ambitions to become the undisputed regional leader and drive much-needed business transformation for greater impact of economies and communities around us” KCB Group Chairman Andrew Kairu.
“Joshua has left a solid legacy for KCB across Africa & beyond that is dotted by the transformation of millions of lives, enhanced financial inclusion across the region, digital banking innovations & has built a Group that is anchored on sustainable business practices,” concludes Andrew Kairu.