KCB Group has appointed Paul Russo, managing director of its subsidiary National Bank of Kenya (NBK), as its next chief executive, the bank announced on Tuesday.
Mr Russo is a human resources officer Management pro who turned NBK, acquired by KCB in 2019, inside out.
He succeeds the second largest lender by net worth from longtime boss Joshua Oigara, whose tenure expires in December.
Mr Russo was Head of Group Human Resources before being appointed Head of NBK in 2019 after KCB completed the acquisition. He also previously worked at Barclays, now Absa, and the accounting firm PwC.
The lender quietly extended Mr. Oigara’s term by a year in March to allow him to find a successor.
p>< p>The December 31 extension was the second extension for the 47-year-old, who previously said he was ready to complete his nine-year tenure late last year.
Mr Oigara became first appointed to the position in January 2013.
His tenure has been the most rewarding as he has benefited from pay for performance which has cemented his position among Kenya’s highest paid executives.
KCB, the also operates in neighboring Uganda, Tanzania, Rwanda, Burundi and South Sudan, has achieved double-digit profit growth most years since hired.
He has more than tripled the bank’s Ksh390 billion asset value ( $3.3 billion) a year r in 2012 to Ksh 1.22 trillion (US$10.45 billion).
The net profit of the bank was Ksh 34.26 billion (US$293.6 million) in 2021 from 19, Ksh 6 billion (US$167.9 million) per year. rising from Ksh14.3 billion (US$122.5 million) in 2013.