CMA now picks acting CEO as Muthaura replacement drags

The Capital Markets Authority (CMA) has picked Wyckliffe Shamiah to act as the CEO effective until the replacement process of Paul Muthaura is completed.

The board announced on Monday that Mr Shamiah, who has been serving as the director of market operations since November 2011, will take up the new role from January 1, 2020.

“The appointment is expected to run until the appointment of a substantive office holder by the Cabinet Secretary, National Treasury and Planning following recommendations made by the Board,” CMA said in a statement.

Mr Muthaura’s term ends on December 31 but the replacement process is set to drag beyond this date, prompting the board to pick an acting CEO.

CMA board started looking for Mr Muthaura’s replacement in September but the process is not yet complete.

The board is supposed to interview candidates and recommend the successful applicant to the Cabinet Secretary for National Treasury and Planning. The CS is then supposed to appoint and gazette the replacement.

The delay is a repeat of what happened in 2012 when the then CEO Stella Kilonzo left office without a permanent successor, after serving for a period of four years.

Mr Muthaura served in acting role for a record three and half years spanning July 2012 to end of 2015. He was then confirmed as CEO on January 2, 2016 to serve for four years.

CMA is just two years into the implementation of its five-year strategic plan running between 2018 and 2023, which Mr Shamiah will be expected to oversee until a substantive CEO is picked.

Mr Shamiah has held multiple senior positions in market supervision, research, financial analysis and compliance at the CMA over a career of in excess of 22 years.

He has been the nominee of the Authority to the Council of the Institute of Certified Public Accountants of Kenya for more than 10 years and a representative of the Authority to the Financial Stability Board Regional Consultative Committee for Sub-Saharan Africa.

He is a fellow of the Institute of Certified Public Accountants and holds a Masters in Business Administration (Finance Option) from the University of Nairobi and a Bachelor of Arts Degree in Mathematics and Economics from Egerton University.