Paul Muthaura, Chief Executive Officer of the Capital Markets Authority (CMA), will not seek a new term as Head of the Regulatory Authority after his term expires on January 2, 2020.
The voluntary decision ends his seven-year tenure as CMA Top Executive, after he was first appointed CEO in a temporary position on July 1, 2012.
CMA’s chairman of the board, James Ndegwa, confirmed Muthaura’s impending exit on Friday, with the CEO delivering a letter of intent to board members.
Mr. Ndegwa emphasized the appreciation of the Board of Directors for Muthaura’s contribution to the capital market regulator, who first joined the institution in September 2005.
“Mr. Muthaura has been instrumental in helping the Authority’s team position Kenya in the regional and global capital markets arena by improving the regulatory and legal framework, expanding the scope of capital market products and ensuring that Kenya has the ambitions of deepening its capital markets managed to lead to become the heart of the African capital markets ”, it says in excerpts in the statement of the board of directors.
Muthaura has held various roles at CMA, including positions as Director, Regulatory Policy and Strategy, Legal Framework and Head of Enforcement.
He also served as Emerging Markets Advisor to the General Secretariat of the International Organization of Securities Commissions (IOSCO).
Prior to bridging the regulatory gap, the London School of Economics senior commercial associate was a senior commercial associate with Daly and Figgis Advocates.
Mr. Muthaura has worked on diversifying domestic capital markets during his tenure, most recently to include approving innovations such as the M-Akiba mobile-traded government bond and the fintech sandbox, which opens up innovations into the developing capital markets space.
Muthaura says goodbye at the height of success after the CMA was named the most innovative capital markets regulator in Africa for four consecutive years between 2015 and 2018.
The regulator was further celebrated last year for its immense contribution to the stability of the capital markets on the continent.
At the same time, the CEO is leaving midway through the implementation of the CMA 2018-2023 Strategic Plan, which aims to make capital markets become the main driver of financial services in line with the Medium-Term III Plan of Vision 2030.
“As an institution, we have reaffirmed our commitment to an evidence-based and policy-driven approach to the execution of our regulatory and development missions,” Muthaura wrote in the strategy statement.
“We are confident that this approach will strengthen our credibility in global capital markets as the leading voice on political and regulatory issues affecting developing countries with developing frontier and emerging markets.”
Muthaura was named the chief regulator’s chief executive officer in 2016 by former Treasury Secretary Henry Rotich, having temporarily entered service in 2012 following the voluntary retirement of then-CEO Stella Kilonzo and her four-year tenure from Renewable Stint in June 2012.
Muthaura has other roles within the expansive capital markets, including Chairman of the Advisory Committee of the East African Securities Regulators (EASRA).
The outgoing CEO also serves on the board of the Insurance Supervisory Authority (IRA) and the Pension Insurance Authority (RBA) as well as on the Secretariat Board of Vision 2030.
In addition to his Master of Laws from the London School of Economics, Muthaura holds a Masters in Philosophy from Maastricht School of Management in the Netherlands and a law degree from the University of Warwick in the UK.
The CMA board ensured a smooth transition through a coordinated recruitment process for the regulator’s next CEO.
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