NSE Names Tom Mulwa as New Board Chairman as Kiprono Kittony Retires

Former NSE Chairman Kiprono Kittony

The Nairobi Securities Exchange (NSE) has appointed Tom Mulwa as its new Board Chairman, bringing to an end Kiprono Kittony's six-year tenure at the helm of Kenya's securities market.

The leadership transition will take effect on July 13, 2026, immediately after Kittony's term expires on July 12.

In a statement issued on July 2, 2026, the NSE Board said the appointment followed the expiry of Kittony's tenure and formed part of the Exchange's governance framework, which provides for regular board transitions.

The Board said the move will strengthen corporate governance, preserve board independence and support the implementation of the Exchange's long-term strategy.

Mulwa now takes over leadership of the board at a time when the NSE continues implementing its 2025–2029 strategic plan, which seeks to deepen Kenya's capital markets, increase investor participation and introduce new investment products.

Kittony Exits After Six Years

Kittony assumed the position of Board Chairman on July 13, 2020, after serving as a member of the NSE Board.

During his six-year tenure, he oversaw several reforms that the Exchange says strengthened market performance and restored investor confidence.

One of the biggest milestones under his leadership came in early 2026 when the NSE recorded its first Initial Public Offering (IPO) in more than a decade.

The listing of Kenya Pipeline Company ended an 11-year drought during which no company had joined the Exchange through an IPO.

The listing marked a significant milestone for Kenya's capital markets after years of limited activity in the primary market.

The NSE Board credited Kittony with creating an environment that encouraged renewed investor confidence and attracted new listings.

The Board also noted that the Exchange expanded its range of investment products during his tenure to attract more retail investors into the capital markets.

According to the statement, the NSE introduced innovative investment products that widened market access and increased participation among individual investors.

The Board further said Kittony played a central role in driving the implementation of the Exchange's 2025–2029 strategic plan.

The strategy focuses on strengthening market infrastructure, improving liquidity, enhancing technology, increasing product diversity and positioning the NSE as a leading investment destination in Africa.

“During Mr Kittony's tenure, the NSE recorded significant milestones, including ending an eleven-year IPO drought, introducing innovative products to expand retail investor participation, and driving the implementation of the Exchange's ambitious 2025–2029 strategy,” the Board said.

The Exchange added that the progress achieved during the period helped improve the NSE's standing among Africa's top-performing securities exchanges.

March Exit Reports

The announcement also comes months after reports emerged suggesting Kittony would leave the NSE before the expiry of his term.

The speculation followed his appointment as Chairman of Kenya Airways.

At the time, several reports claimed the new role would force him to vacate the NSE chairmanship before completing his six-year tenure.

The Exchange, however, dismissed those reports and maintained that Kittony would continue serving until the end of his term.

“Recent media reports about the departure of Board Chairman Mr Kiprono Kittony, EBS, are categorically inaccurate. Mr Kittony remains chairman and is actively leading the Exchange in advancing its 2025–2029 strategy,” the NSE said.

Kittony subsequently continued leading the Board until the planned transition announced this week.

Tom Mulwa Takes Over

Tom Mulwa will officially assume office on July 13, 2026.

The NSE expects the leadership transition to ensure continuity as the Exchange pursues ongoing reforms under its strategic plan.

Although the Board did not outline Mulwa's immediate priorities, he inherits an institution that continues working to expand Kenya's capital markets through new products, increased listings and stronger investor participation.

His appointment also comes as regulators and market participants seek to improve market liquidity, attract local and foreign investors and increase the number of companies listed on the Exchange.

The Board expressed confidence that the transition would support the Exchange's long-term governance objectives while maintaining momentum in delivering its strategic priorities.

Kittony's Leadership Record

Before joining the NSE Board, Kittony built a long career in Kenya's business community.

He previously served as National Chairman of the Kenya National Chamber of Commerce and Industry (KNCCI), where he led initiatives aimed at strengthening the country's private sector and improving the business environment.

He also served in leadership positions at Credit Reference Bureau Kenya and several other corporate institutions.

His experience in business leadership and corporate governance shaped his approach at the NSE, where he oversaw strategic reforms during a period of market recovery.

With the appointment of Tom Mulwa, the Nairobi Securities Exchange begins a new leadership chapter while continuing efforts to strengthen Kenya's capital markets, attract more listings and expand investment opportunities for institutional and retail investors.