Nairobi Securities Exchange Appoints New Board Chairman

The Nairobi Securities Exchange (NSE) has appointed Tom Mulwa as the new board chairman. 

In a statement on Thursday, July 2, the NSE said Mulwa’s appointment will take effect on July 13, 2026.

Mulwa will take over from Kiprono Kitonny, who is retiring from the position after concluding his six-year term. 

“Effective 13 July 2026, Mr. Tom Mulwa has been appointed Chairman of the NSE Board, succeeding Mr. Kiprono Kittony, EBS, who retires as Chairman and Independent Non-Executive Director effective 12 July 2026 following six years of distinguished leadership,” read the statement in part. 

Kitonny joined the NSE board on May 30, 2018, and was appointed chairman on July 13, 2020.

During his tenure, Kitonny led the exchange through a transformative period, driving key reforms that deepened and expanded Kenya's capital markets.

Mulwa, on the other hand, joined the NSE Board as an Independent Non-Executive Director in September 2025 and has more than three decades of financial-services leadership experience. 

He is one of the pioneers of Liaison Group, which he joined in 1991 and has led as Chief Executive since 1999. 

Mulwa’s experience spans risk and insurance, pension and health administration, and investment advisory.

He also serves as chairman of the Kenya National REITs and is a council member of the Association of Pension Trustees and Administrators of Kenya (APTAK). 

In November 2022, President William Ruto appointed Mulwa to the National Investment Council. 

Mulwa holds a Bachelor of Commerce from the University of Nairobi and a Postgraduate MBA from the University of Leicester, United Kingdom, and is a Fellow of the Global Risk Management Institute (RIMS Fellow). 

He also holds leadership positions in several economic and social enterprises across Africa and describes himself as passionate about Africa and obsessed with legacy.

The NSE Board welcomed Mulwa to the role and expressed confidence he will steer the exchange as it advances its 2025-2029 strategy. 

“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 statement added. 

Kitonny’s exit from NSE comes months after he was appointed to Kenya Airways as the Chairman and Independent Non-Executive Director.

He is credited with revitalizing the Kenya National Chamber of Commerce and Industry and has chaired or co-founded several major organizations, including Creditinfo CRB Kenya, Mtech Limited, Betway Kenya, and Radio Africa Group. 

Beyond Kenya, Kittony advises IFHA, a private equity fund based in Amsterdam, and serves as Vice Chairman of the World Chambers Federation in Paris, where he represents Africa.

In addition, he serves as a director at the Central Depositary and Settlement Corporation. 

Academically, Kittony holds both a Bachelor of Commerce degree and a Bachelor of Laws degree from the University of Nairobi. He also earned a Global Executive MBA from USIU and Columbia University.