The Nairobi Securities Exchange (NSE) has appointed seasoned financial services executive Tom Mulwa as its new Board Chairman, marking the end of Kiprono Kittony’s six-year leadership of Kenya’s stock market.
In a statement issued on Thursday, the Exchange announced that Kittony will retire as Chairman and Independent Non-Executive Director effective July 12, 2026, concluding an eight-year tenure on the NSE Board after joining in May 2018. He assumed the chairmanship in July 2020.
Mulwa will officially take over as Board Chairman from July 13, following his appointment by the Board on June 30.
“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 NSE said.
Kittony exits after leading major market reforms
Kittony leaves the Exchange Kittony having witnessed a period of major changes where the NSE introduced major changes intended to rejuvenate the capital markets of Kenya.
In his time in office, the NSE broke a record of eleven years of IPO drought by introducing Kenya Pipeline Company (KPC), along with another domestic bank.
Kittony was also instrumental in efforts to bring in more investors through single share trading and a fintech platform for investments.
Another change attributed to Kittony includes the NSE implementing its 2025–2029 strategic plan meant to enhance Kenya’s capital markets and give investors better access.
According to the NSE, in 2024, the NSE became the best performing stock exchange in Africa while in 2025, it came second.
Mulwa brings decades of financial sector experience
In September 2025, Mulwa was nominated to join the Board of Directors of NSE as an Independent Non-Executive Director, where he carries with him over 30 years of experience in Kenya’s financial services industry.
Currently, he holds the post of Chairperson of Kenya National REITs, and he is a council member of Association of Pension Trustees and Administrators of Kenya (APTAK).
In 2022, Mulwa was appointed by President William Ruto to the National Investment Council.
This is yet another addition to his rich experience in formulating investment and economic policies.
As such, Mulwa will come into office at a time when NSE is establishing itself as a facilitator of capital formation, enabling businesses to mobilise resources and creating investment opportunities for institutional and retail investors alike.
Additionally, the Exchange has been very active in the privatisation programme initiated by the government, as is evident from the recent listing of Kenya Pipeline Company.
Appointment ends months of speculation
This changeover marks an end to the period during which there were speculations on what the future held for Kittony.
This happened in March, when the NSE clarified that he was not resigning but would continue to serve as Board Chairman until July 2026 even after being appointed Chairman of Kenya Airways.
Now that the changeover is complete with Mulwa coming onboard, it is likely that the NSE will continue with its strategic plan of deepening capital markets in Kenya and ensuring that the nation is one of Africa’s top investment destinations.
