KCB Bank has extended the term of its chief executive officer Joshua Oigara by one year. The extension will last until December 2021. The Business Daily on Monday quoted a source at the Capital Markets Authority saying that the lender had made the extension in a quiet move.
“The bank said they will inform us of the transition before the end of the year. Oigara’s term was extended to December 2022,”
the source was quoted.
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Oigara was first appointed as the chief executive officer at KCB Bank in January 2013. He replaced form top executive Martin Oduor Otieno. At the time of his appointment, Oigara was the youngest chief executive officer of a publicly listed firm in Kenya. He was 37 years old.
He had previously stated that he was intending to end his reign at the bank when his contract came to an end in December 2021. However, with the bank still unable to find a long term successor, it has been forced to increase Mr. Oigara’s contract.
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Oigara’s tenure at KCB has been nothing but successful. He has managed not only to consistently grow the bank’s profits, but also led some of the top headline acquisitions, including the acquisition of the National Bank of Kenya. KCB currently ranks as the second largest bank in the East African region in market capitalization, behind Equity Bank.
According to the Business Daily, Oigara now joins a small club of CEOs who have served nearly or over a decade. The club includes the chief executive officer of DTB Group’s chief executive officer Nasim Devji who has served for 20 years, Co-operative Bank’s chief executive officer Gideon Muriuki who has served for 20 years, Equity Group’s chief executive officer James Mwangi who has served for 17 years and Crown Paints’ chief executive officer Rakesh Rao who has served 16 fyears.
