Kiprono Kittony has stepped down as chairman of the Nairobi Securities Exchange after nearly six years leading the country’s main stock market, bringing to a close a tenure marked by new initiatives aimed at widening participation and reviving listings at the bourse.
Kittony, who took over the role in July 2020, officially exited on Tuesday following the expiry of his term. His tenure had been extended by one year in 2025, allowing him to remain in the position longer as the exchange pushed forward with reforms and market expansion efforts.
He leaves office shortly after the Nairobi Securities Exchange ended an 11 year drought in initial public offerings with the listing of Kenya Pipeline Company, a development that signalled renewed activity in the capital markets.
His departure from the exchange also comes just days after he was named chairman of the struggling national airline Kenya Airways, placing him at the centre of efforts to help guide the carrier as the government searches for a strategic investor to restore its performance.
During his time at the bourse, Kittony championed efforts aimed at opening up the capital markets to more investors. He highlighted initiatives that were introduced to broaden participation and modernise the exchange, including the rollout of single share trading in 2025.
“I look back with great pride at the many achievements that we’ve been able to achieve in the last few years, and I think this event today is the culmination of a lot of effort by all the stakeholders,” he said on Tuesday.
“I am confident that we have also been able to diversify our product offerings significantly. We had a green bond last year, and we continue to innovate and think outside the box.”
Among the key decisions made during his tenure was the appointment of the current chief executive Frank Mwiti. The hiring drew debate among some market players and stockbrokers who viewed him as an outsider and later called for his removal in June over issues that included the election of dealers’ representatives to the exchange’s board.
Kittony maintained that the board’s decision to appoint Mwiti, who previously worked as a partner at Ernst and Young, had proven to be the right move for the exchange.
“I think we’ve been vindicated in the sense that we’ve been able to demonstrate that we don’t necessarily have to take a very traditional approach. As you know, the markets are dynamic, and situations are fluid,” he said.