National Bank of Kenya Managing Director Paul Russo has been appointed to replace outgoing KCB group CEO Joshua Oigara. Russo was tapped from the KCB group in 2019 after the group acquired National Bank of Kenya in a share swap. Paul was tasked with the revival and turn around of National bank from non profitable to a profitable entity.
After his arrival in National Bank,Paul initiated a raft of measures that have seen bore fruits. National Bank of Kenya is no longer unprofitable. It is trading into the profit margins a task that is harder than it seems.
Russo had been the head of Human resource before being appointed to the KCB owned Subsidiary. The new CEO has also serve as the group head in-charge of regional business.
His appointment as the Group CEO confirms the level of trust and faith the board has in him. Paul has been serving with Oigara for the past decade at KCB under different capacities.
Russo brings in a vast experience as a human resource professional and experience in turning around a falling bank. All eyes are on him now as the country and majorly the shareholder watch to see where he will drive the multi-national lender to next.
Details about his contract have not been made public yet but economic pundits expected that he will be offered the same terms Oigara had. Oigara had a performance based contract which saw him rake millions in bonuses and other royalties.
His appointment to the Group head will present the group with another challenge of finding his replacement at National Bank.