Former KCB Bank Group chief executive officer Joshua Oigara has been appointed as new chief executive officer of Stanbic Bank Kenya and South Sudan.
Stanbic Bank is a member of the Standard Bank Group. Oigara will report directly to Standard Bank East Africa Regional CEO, Patrick Mweheire.
Oigara will replace current MD Charles Mudiwa who retires later this year. Mudiwa plans to retire after a long and illustrious career at the bank spanning more than two decades.
The bank said in a statement on Tuesday that the retirement will take effect on December 31.
Reports of Oigara’s move to Stanbic were first revealed in October 2022 by Bloomberg. According to the Bloomberg report, Oigara was at advanced talks to take over the top Stanbic Bank Kenya role with the Standard Bank Group.
“Standard Bank Group Ltd.’s Kenyan unit is in talks to hire Joshua Oigara, former head of one of East Africa’s second largest lender, as its chief executive, according to people with knowledge of the matter,” Bloomberg reported.
It added that Stanbic Bank Kenya Ltd.’s board is likely to announce the plan to replace current Chief Executive Officer Charles Mudiwa before his five-year term expires in December.
Sh. 300 million salary Oigara abandoned when he quit as KCB CEO
Oigara left his role as KCB Bank Group chief executive officer in May 2022. He was replaced by Paul Russo.
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
