Equity Bank Kenya MD Gerald Warui Opts For Early Retirement, Lender Appoints Moses Okoth

• Equity Bank Kenya Limited has named Moses Okoth Nyabanda as the acting managing director following Gerald Warui's exit
• Okoth was Equity Group Holdings's group chief finance and strategy execution officer, and his appointment is subject to approval by the Central Bank of Kenya
• The Capital Markets Authority set the age limit for chief executives of Nairobi Security Exchange-listed banks at 70

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Equity Bank Kenya Limited has announced a change in its leadership following the exit of Gerald Warui.

Who is the new Equity Bank Kenya Ltd MD?

The bank appointed Moses Okoth Nyabanda as the acting managing director in a statement on Friday, August 16.

Before his appointment, Okoth was Equity Group Holdings's group chief finance and strategy execution officer. His appointment is subject to approval by the Central Bank of Kenya (CBK).

"Equity Bank Kenya Ltd, a subsidiary of Equity Group Holdings, announces the appointment of Moses Okoth Nyabanda as the acting managing director of Equity Bank Kenya. The appointment follows the board's acceptance of Gerald Warui's request for early retirement," the bank stated.

When was Warui appointed?

Warui was appointed Equity Bank Kenya MD in 2019 after the exit of Polycarp Igathe.

He boasts vast experience in banking, having worked in the industry for over 30 years and serving the lender for over two decades.

He holds an executive master of business administration degree from Jomo Kenyatta University of Agriculture and Technology (JKUAT).

He is a Certified Public Accountant (CPA) (K) and a graduate of the Advanced Management Programme offered by IESE Business School in Barcelona, Spain.

When will James Mwangi retire?

The Capital Markets Authority set the age limit for chief executives of Nairobi Security Exchange-listed banks at 70.

Equity Group Holdings MD James Mwangi was born in 1962, so he is now at least 62, giving him eight more years at the bank's helm.

The career banker refused to accept his hefty 2023 bonus despite having qualified for it, citing that some Equity subsidiaries had failed to achieve their KPIs.

Mwangi has been Equity Bank's executive since 1994 and CEO since 2004, revolutionising the bank from a collapsing society.

Speaking during the 20th annual general meeting, Mwangi said that his succession was the least of his worries.

He explained that over the years, he has been investing in capacity building and attracting the right talents.

Proofreading by Asher Omondi, current affairs journalist and copy editor at TUKO.co.ke.