There has been panic among major shareholders in KCB as Joshua Oigara prepares for his exit. The KCB Group CEO is expected to exit from the commercial bank by the end of year. This exit comes after the board secretly extended his contract with one year to allow for a suitable replacement.
The Fierce yet ever smiling CEO has been the face of the multinational lender for the pas ten years. He was appointed to his position in the year 2013. Oigara has spearheaded the bank into the right direction.
Under his Tenure the Banking Group has expanded into East and Central Africa. He has more than tripled the net profit of the bank. Also the bank’s assets have more than quadrupled.
During his appointment,Oigara Took over a bank that had just under 400 billion in terms of asset valuation, However on his exit the banking group has an asset valuation of over 1.22 trillion.
The young CEO made history after acquiring an airing Bank and spearheading it into profitability. KCB acquired National Bank of Kenya in a share swap deal. At the time of acquisition National bank was almost going into receivership. The bank was mired by huge non-performing loans and withdraw of deposits.
Due his achievements in the banking industry major shareholders are worried as they seek a suitable replacement. Sources who spoke to http://www.iconnews.co.ke exclusively indicated that the board was looking for someone who is going to fill Joshua’s shoes.
The big wigs are looking for some one who can increase the banks assets past the 2 trillion mark in a a few years. KCB has recorded over 34 billion in profit in the year ended 2021. this is a sharp increase from what the bank recorded in 2013. The bank recorded a little over 13 billion in 2013.
With this kind of returns no one can fault the major shareholders for worrying. it is true that finding someone to feel this shoes will be tough.