NSE Announces New Board Chairman as Kiprono Kittony Retires After Six Years of Leadership
The Nairobi Securities Exchange (NSE) has confirmed significant changes to its leadership, announcing the retirement of long-serving Board Chairman Kiprono Kittony and the appointment of experienced businessman Tom Mulwa as the new chairman.
According to a public notice released by the Exchange on Thursday, July 2, Kittony will officially step down from his roles as Board Chairman and Independent Non-Executive Director on July 12, 2026.
His departure marks the end of an impressive eight-year journey on the NSE Board, including six years serving as chairman of Kenya’s leading securities exchange.
Following his exit, the NSE Board has appointed Tom Mulwa to take over the position of Board Chairman. His appointment will become effective on July 13, 2026, after the board approved the decision during a meeting held on June 30.
In its statement, the Exchange expressed confidence in Mulwa’s ability to guide the institution into its next phase of growth.
“The Board warmly welcomes Mr. Mulwa and looks forward to his leadership as the Exchange implements its 2025–2029 strategy aimed at deepening Kenya’s capital markets, increasing retail investor participation, and strengthening the country’s position as one of Africa’s leading financial markets,” the statement read.
Kittony’s Legacy at the NSE
Kittony first joined the NSE Board in May 2018 before being elected chairman in July 2020. During his leadership, the Exchange experienced several major milestones that helped transform Kenya’s capital markets.
One of his biggest achievements was helping end an 11-year drought of Initial Public Offerings (IPOs). Under his leadership, the NSE successfully facilitated the landmark listing of Kenya Pipeline Company (KPC), one of the government’s flagship privatisation projects, as well as the listing of a local commercial bank.
The board also praised Kittony for championing important market reforms designed to attract more investors. Among these initiatives was the introduction of single-share trading, a move that lowered the cost of investing and made it easier for ordinary Kenyans to participate in the stock market.
He also oversaw the launch of a modern fintech investment platform that expanded access to stock trading, particularly for retail investors using digital platforms. In addition, he played a key role in developing and implementing the NSE’s ambitious 2025–2029 strategic plan, which aims to modernise the Exchange and increase market participation.
Under Kittony’s leadership, the Nairobi Securities Exchange strengthened its reputation both locally and internationally. According to the NSE, the Exchange was ranked as Africa’s best-performing stock exchange in 2024 and the continent’s second-best-performing exchange in 2025 based on dollar-denominated investment returns.
Tom Mulwa Brings Decades of Financial Experience
Incoming Chairman Tom Mulwa is expected to build on the progress made over the past several years. He joined the NSE Board in September 2025 as an Independent Non-Executive Director and brings more than 30 years of experience in Kenya’s financial services industry.
Throughout his career, Mulwa has held several senior leadership positions in the investment and pension sectors. He currently serves as the chairman of Kenya National REITs and is also a council member of the Association of Pension Trustees and Administrators of Kenya (APTAK), where he contributes to policy discussions affecting retirement benefits and investment management.
His experience also extends to government advisory roles. In 2022, President William Ruto appointed him as a member of the National Investment Council, a body tasked with promoting investment opportunities and supporting Kenya’s economic development.
The NSE Board believes his extensive background in finance, investments, and governance will help drive the Exchange’s long-term vision and support continued market growth.
NSE’s Growing Role in Government Privatisation
The Nairobi Securities Exchange remains Kenya’s main stock market, providing companies with a platform to raise capital by selling shares to investors while offering individuals and institutions an organised marketplace for buying and selling listed securities.
In recent years, the Exchange has become increasingly important to the government’s privatisation programme. Authorities are using the capital markets to sell stakes in selected state-owned enterprises, improve transparency, and attract both local and international investors.
The successful listing of Kenya Pipeline Company has been viewed as a major milestone in this strategy, with more government-backed listings expected as Kenya continues to unlock value through the capital markets.
Speculation Over Kittony’s Exit Finally Ends
The announcement also brings an end to months of speculation regarding Kittony’s future at the Exchange.
Earlier this year, in March, reports emerged claiming that he had resigned from the NSE after being appointed Chairman of Kenya Airways. However, the Exchange quickly dismissed those reports, explaining that Kittony had no plans to leave before the end of his official term.
The board clarified at the time that he would continue serving until July 2026, ensuring a smooth leadership transition and continuity in the implementation of the Exchange’s strategic goals.
With Mulwa now preparing to assume the chairmanship, the Nairobi Securities Exchange enters a new chapter as it seeks to expand investor participation, strengthen Kenya’s capital markets, and support the government’s wider economic and privatisation agenda.
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