NSE Appoints Tom Mulwa as New Board Chair to Succeed Kiprono Kittony After Six-Year Leadership

NSE Appoints Tom Mulwa as New Board Chair to Succeed Kiprono Kittony After Six-Year Leadership

The Nairobi Securities Exchange (NSE) has announced a major leadership transition, confirming the retirement of long-serving Board Chairman Kiprono Kittony and the appointment of seasoned financial services executive Tom Mulwa as the new Chairman of the Board.

The changes, announced in a public notice issued on Thursday, July 2, mark the end of Kittony’s six-year tenure as chairman and eight years as a member of the NSE Board, during which he oversaw significant reforms aimed at revitalising Kenya’s capital markets.

According to the Exchange, Kittony will officially retire as Chairman and Independent Non-Executive Director on July 12, 2026, with Mulwa assuming the role on July 13 following his approval by the Board of Directors during a meeting held on June 30.

The appointment comes at a pivotal time for the Nairobi Securities Exchange as it implements its ambitious 2025–2029 Strategic Plan, which seeks to deepen Kenya’s capital markets, attract more retail investors and position the country as one of Africa’s leading investment destinations.

“The Board warmly welcomes Mr Mulwa and looks forward to his leadership as the Exchange advances its 2025-2029 strategy to deepen the market, broaden retail participation and strengthen Kenya’s position as a leading African capital market,” the NSE said in its statement.

Kittony leaves office after presiding over one of the most transformative periods in the Exchange’s recent history.

Having joined the NSE Board in May 2018, he was appointed chairman in July 2020, taking over during a period when Kenya’s capital markets were grappling with subdued investor activity and a prolonged slowdown in new public listings.

Under his leadership, the Exchange recorded several milestones that helped restore investor confidence.

Among the achievements credited to Kittony is ending an 11-year Initial Public Offering (IPO) drought, following the landmark listing of the Kenya Pipeline Company (KPC) and the successful listing of a local commercial bank, transactions widely viewed as a boost for Kenya’s equity markets.

The Board also recognised his role in championing the introduction of single-share trading, an innovation that lowered the cost of investing and enabled more ordinary Kenyans to participate in the stock market.

In addition, Kittony oversaw the launch of a fintech investment platform designed to expand retail investor participation while guiding the implementation of the Exchange’s long-term strategic transformation agenda.

According to the NSE, Kenya emerged as Africa’s best-performing stock exchange in 2024 and the second-best-performing exchange on the continent in 2025 based on dollar-denominated returns during Kittony’s tenure.

Market analysts have attributed much of that performance to improved investor confidence, stronger corporate earnings and renewed government support for capital market development.

His successor, Tom Mulwa, brings more than 30 years of experience in financial services, investment management and corporate governance.

Mulwa joined the NSE Board in September 2025 as an Independent Non-Executive Director, where he has contributed to policy oversight and strategic planning.

Beyond the Exchange, he currently serves as Chairman of Kenya National REITs, an institution focused on expanding real estate investment opportunities, and is also a council member of the Association of Pension Trustees and Administrators of Kenya (APTAK).

In 2022, President William Ruto appointed Mulwa to the National Investment Council, further cementing his role in shaping Kenya’s investment landscape.

The leadership transition comes as the Nairobi Securities Exchange assumes an increasingly central role in the government’s economic agenda.

The Exchange has been instrumental in supporting the state’s privatisation programme, providing a platform for the listing of strategic public assets while encouraging greater private sector participation in the country’s economic growth.

The announcement also settles months of speculation regarding Kittony’s future.

Earlier this year, reports emerged suggesting he had stepped down after his appointment as Chairman of Kenya Airways. However, the NSE dismissed the claims in March, clarifying that he would serve until the expiry of his official term in July 2026.

As Mulwa prepares to take over leadership, market participants will be watching closely to see how the Exchange builds on recent gains. His immediate priorities are expected to include increasing retail investor participation, attracting new listings, embracing financial technology innovations and strengthening Kenya’s position as a competitive regional financial hub.

With Kenya seeking to unlock more investment through its capital markets, the leadership change signals a new chapter for the Nairobi Securities Exchange as it pursues sustainable growth and greater participation from both local and international investors.

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NSE Appoints Tom Mulwa as New Board Chair to Succeed Kiprono Kittony After Six-Year Leadership