Paul Russo to Replace Joshua Oigara as New CEO of Kenya Commercial Bank

KCB Group has appointed Paul Russo as new CEO, henceforth replacing Joshua Oigara.

Paul Russo, CEO KCB

The Kenya Commercial Bank (KCB) announced on Tuesday that it had picked insider Paul Russo as the new CEO for the company. Russo was the immediate director of KCB’s subsidiary, the National Bank of Kenya (NBK). KCB acquired NBK in 2019.

Paul Russo is a Human Resource manager by profession, and has climbed through the ranks at KCB. Before becoming the managing director of NBK, Mr. Russo was the head of Human Resources at KCB Group. He also served at Barclays and PWC before joining KCB.

The bank had earlier extended Oigara’s term in March to help them search for a new CEO. This extension was expected to end in December 31, but the successor has been found a few months earlier than planned. The 47-year old served as the company’s CEO for 9 years, having been appointed in January 2013.

During his tenure, Oigara achieved a lot of success, earning him one of the highest salaries in Kenya due to the company’s performance-based pay structure.

The firm earned double digit profit growth since Oigara joined as CEO. In 2021, KCB reached KES 34.26 billion in profits, rising significantly from KES 14.3 billion in 2013. Oigara also helped the bank achieve triple increase in asset value from KES9 billion in 2012 to KES 1.22 trillion in 2022.

KCB operates in Kenya, Uganda, Tanzania, Rwanda, Burundi, and South Sudan. The company remains one of the most profitable and sought-after participant in the Nairobi Stock Exchange (NSE).

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