Companies
Stanbic picks former NMG CEO Joseph Muganda as board chair
Thursday December 21 2023
Newly appointed Stanbic Holdings board chair, Joseph Muganda. FILE PHOTO | BILLY MUTAI | NMG
Stanbic Holdings PLC has picked former Nation Media Group (NMG) CEO Joseph Muganda to chair its board from January 1, 2024, following the retirement of Kitili Mbathi who has held the position since May 9, 2019.
In a public notice on Thursday, the lender said Mr Mbathi will be proceeding on retirement as director and chairman on December 31, 2023, ending his 16-year service at the company’s board which he joined as a non-executive director on October 9, 2007.
On his part, Mr Muganda joined the bank’s board as an independent non-executive director on October 12, 2021, after a stellar C-suite career leading major blue-chip companies in the country for over 25 years.
Between 2017 and 2019, he served as managing director for Vivo Energy’s Kenya business replacing ex-Nairobi County deputy governor Polycarp Igathe who had plunged into politics.
Before joining Vivo, Muganda had been the chief executive officer at notable corporate giants such as NMG and Kenya Breweries Limited (KBL).
He has also served in several senior positions at the British American Tobacco (BAT), Unilever and Barclays Bank.
At NMG, he is credited with aggressively driving the firm’s product portfolio review, as well as presiding over the general restructuring and re-orientation of the business to seize the opportunities presented by the digital disruption in the media sector.
He holds a Bachelor of Science in Economics (Accounting and Financial Management) from the University of Buckingham and a Master of Business Administration (MBA) from the University of Leicester.
“In addition to his directorship on the board of the company, he also is a director of Stanbic Bank Kenya Limited. The board wishes Mr Muganda all the best in his tenure as the chairman,” said the lender’s company secretary Nancy Kiruki on Thursday.
Ms Kiruki also lauded Mr Mbathi’s tenure as chairman, terming it as one punctuated with exceptional service and leadership.
“During his tenure as director and chairman of the board, Mr Mbathi steered the company through the successful implementation of the strategic plans, embedment of sustainability and risk management, among others,” wrote the secretary.
“In addition, the company grew significantly during his tenure, contributing to economic development, supporting the government’s development agenda and driving growth in Kenya and South Sudan.”
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