NSE Appoints New Board Chair as Kiprono Kittony Retires

The Nairobi Securities Exchange (NSE) has appointed Tom Mulwa as the new Chairman of its Board of Directors, effective July 13, 2026, succeeding Kiprono Kittony, whose term as Board Chairman and Independent Non-Executive Director ends on July 12, 2026.

In a notice dated July 2, the NSE said the leadership changes follow the conclusion of Kittony’s term and a review of the Board’s composition aimed at strengthening governance, independence, and long-term institutional oversight.

The Board expressed confidence in his ability to build on the Exchange’s recent achievements.

“The Board warmly welcomes Mr. Mulwa and looks forward to his leadership as the Exchange advances its 2025–2029 strategy to deepen the market, broaden retail participation and strengthen Kenya’s position as a leading African capital market,” the statement read.

Tom Mulwa Takes Over as NSE Board Chairman

According to NSE, Tom Mulwa joined the Board as an Independent Non-Executive Director in September 2025 and brings more than 30 years of experience in the financial services sector.

He is among the pioneers of Liaison Group, which he joined in 1991 before becoming Chief Executive Officer in 1999.

Also Read: NSE Clarifies Reports on Kiprono Kittony’s Exit as Chair

During his tenure, the company grew from a small insurance brokerage into a pan-African non-banking financial services group operating in Uganda, Tanzania, Rwanda, and South Sudan, with annual revenues exceeding KSh2 billion.

NSE further noted that his professional expertise spans insurance, risk management, pension administration, health administration, and investment advisory.

Tom Mulwa serves as Chairman of Kenya National REITs and is a council member of the Association of Pension Trustees and Administrators of Kenya (APTAK).

In November 2022, President William Ruto appointed him to the National Investment Council.

He holds a Bachelor of Commerce degree from the University of Nairobi, a postgraduate MBA from the University of Leicester in the United Kingdom, and is a Fellow of the Global Risk Management Institute (RIMS Fellow).

Kiprono Kittony Retires After Six Years of Leadership

The NSE also thanked Kiprono Kittony, noting that he joined the Board on May 30, 2018, before being appointed Chairman on July 13, 2020.

During his tenure, the exchange recorded several milestones, including ending an 11-year initial public offering (IPO) drought through the listings of Kenya Pipeline Company and Family Bank.

Also Read: NSE Announces Leadership Changes as Millicent Ngetich Resigns as Company Secretary

In addition, NSE stated that it introduced single-share trading and launched the Ziidi Trader M-PESA platform, initiatives aimed at increasing retail investor participation in Kenya’s capital markets.

Kiprono Kittony also oversaw the implementation of the NSE’s 2025–2029 strategy and championed sustainable finance initiatives.

Under his leadership, the NSE was ranked Africa’s best-performing stock exchange in 2024 and the continent’s second-best-performing exchange in 2025 based on dollar returns.

Meanwhile, the Board thanked Kittony for his service, describing his leadership as instrumental in strengthening the Exchange’s governance, strategic direction and market development, and further wished him success in his new role as Chairman of Kenya Airways PLC.

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NSE Appoints New Board Chairman as Kiprono Kittony Retires. Photo/ File