Wednesday, November 19, 2008

Chris Mwebesa, NSE CEO resigns

Interestingly, he had his contract renewed earlier this yr.

I have a couple of ideas about who should replace. One is a very competent NRK who was denied the CMA job for political mathematic reasons.

Its not a difficult job. It’s a plain-vanilla trading book for shares and bonds with not that many deals per day. One can easily monitor positions on a daily basis and be able to give feedback on any funnies the day after. There are not that many brokers, so again doing due diligence on their operations is not back-breaking.

There'd be a lot of very quick wins in terms of changing the bourse workings to bring back investors and especially the all important retail sector.

It'd be an easy job for one to look good in.

You'd have to be very very incompetent to oversee the collapse of 3 brokers in a benign environment.


I am not saying Mwebesa was incompotent but...

7 comments:

bankelele said...

That was unexpected.

Ssembonge said...

Kenyans are not used to resignations. Like Mwangi, I think he may be headed for greener pastures.

MainaT said...

Banks-the tragedy is that he didn't resign when FT happened. Now the suspicious think something might be amiss. He only just signed a new contract. Maybe Wangunyu couldn't walk the talk about empowering him.

Ssem-did you see Yahoo's shareprice the other day when ying-Yang resigned as CEO? Even in the UK, all the listed companies are now required to have a succession plan. CEO resignations are big news and are treated with great planning. LSE's CEO has last month announced she'll be leaving.
In December 2009...

Star Trader said...

Well Chris didn't look happy at the just concluded 12th Annual African Securities Association Conference here in Kampala: am not surprised but he is welcome home here in Uganda
We need a young thirsty aggressive guy like him to increase the number of Local Primary listings here in Kampala: these cross listing in Kampala are just PR stunts...

MainaT said...

Trader, he must have suppressed those young and aggressive thrusting ways of his when he was NSE CEO.

bankelele said...

I've never seen him happy at an NSE function - is it his nature. or was it the job? Things getting clearer - (1) KTN say he resigned on October 15th and the next day Mwangi resigned at Centum
(2) He worked for three months without a contract during which he shopped for a job. Was the NSE board not keen on a renewal?

MainaT said...

Banks-why do a job for 4/5yrs if youa re not happy with it? So you can make others unhappy?

According to other stories I've heard, Peter Mwangi was leaving Centum anyway. If he was headhunted, the Deloitte routre was a waste of investor money...