Co-op Bank picks new board chair

Business Daily (Kenya) - - MONEY & MARKETS - Brian Ngugi bn­joroge@ke.na­tion­media.com

Co-op­er­a­tive Bank has tapped for­mer Trea­sury Di­rec­tor of Debt Man­age­ment John Mu­rugu to be its chair­man.

Mr Mu­rugu will from next month re­place Stan­ley Muchiri, the out­go­ing chair­man, who is re­tir­ing af­ter at­tain­ing the set re­tire­ment age.

“We wish to up­date that the board of di­rec­tors of the Co­op­er­a­tive Bank has ap­pointed Mr John Mu­rugu to serve as chair­man of the bank’s board with ef­fect from Oc­to­ber 1,” said Co-op Bank Group CEO Gideon Muriuki in a state­ment.

“We also up­date that Mr Stan­ley Muchiri, the bank’s chair­man, is re­tir­ing from the board of di­rec­tors af­ter at­tain­ing the set re­tire­ment age.” Mr Mu­rugu joined the bank as a di­rec­tor in May 2015.

A bank­ing in­dus­try vet­eran with 25 years of pro­fes­sional ex­pe­ri­ence, Mr Mu­rugu last served as the di­rec­tor, debt man­age­ment at the Trea­sury.

He had pre­vi­ously worked at the Cen­tral Bank of Kenya (CBK) as the Di­rec­tor for Bank Su­per­vi­sion.

He holds a Bach­e­lor of Ed­u­ca­tion de­gree and Mas­ter of Arts in Eco­nomics and has been chair­ing Co-op­er­a­tive Bank’s credit com­mit­tee.

Co-op Bank hailed Mr Muchiri’s 15 year ten­ure at the lender as “ex­em­plary.”

“It is dur­ing his ten­ure that the bank has suc­cess­fully grown to one of the largest in the re­gion with an as­set base of over Sh365 bil­lion, and over 6.2 mil­lion ac­count-hold­ers in 148 branches,” said Mr Muriuki.

Mr Muchiri took over the lender’s board lead­er­ship in year 2002.

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