Paul Muthaura, the Chief Executive Officer at the Capital Markets Authority (CMA), is set to exit the company at the end of the year in a move that signals the appointment of a new CEO come next year.
Mr. Muthaura informed the CMA board of his decision not to renew his current contract after nearly seven and a half years at the state corporation.
According to a news report by the Business Daily, CEOs appointed to lead state corporations can serve in the position for a maximum of eight years with their contracts renewed after every four years. However, they can similarly serve for an additional year under special consideration as was the case with former Kenya Revenue Authority Commissioner-General, John Njiriani.
“Mr. Muthaura had scored highly in all his performance appraisals since becoming Chief Executive and, while respecting his decision, the board would have gladly considered a further renewal of Mr. Muthaura’s contract,” said Mr. Ndegwa according to the Business Daily.
Mr. Muthaura initially joined the state corporation in 2005 as a legal expert. He then rose through the ranks to become the company’s interim Chief Executive following the departure of then CEO Stella Kilonzo in June 2012. Four years later, he was given the top position at the company on a permanent basis.
Under his leadership, CMA was recognized as the most innovative capital markets regulator in Africa for four consecutive years between 2015 and 2018.