Joshua Oigara has quit as KCB Group CEO. Mr. Oigara will leave his role this week. His departure, which brings an end to his 10 year leadership at KCB, comes months earlier than it had been expected.
Reports say that Oigara will be replaced by Paul Russo, currently the managing director of the National Bank of Kenya, from where he has been overseeing the integration of the bank into the KCB Group.
Oigara had been expected to leave the lender at the end of this year following a contract extension.
Originally, Oigara had said he would retire at the end of his second term that was in December last year after being first appointed to the position in January 2013.
The nine-year term has been the most rewarding, benefiting from the performance-based pay that has cemented his position among Kenya’s top-paid executives.
At 37 years when he was appointed to the top job, Oigara was the youngest leader of a publicly-traded bank.
He was poached from Bamburi Cement in November 2011 as chief financial officer, before his elevation to replace Martin Oduor-Otieno as CEO.
Oigara joins a small club of CEOs who have served nearly a decade. The club includes the chief executive of DTB Group’s Nasim Devji (20 years), Co-operative Bank’s Gideon Muriuki (20), Equity Group’s James Mwangi (17) and Crown Paints’ Rakesh Rao (16).