Paul Russo Takes Over As KCB Group CEO

The KCB Group PLC Board on Tuesday appointed Paul Russo as the company’s Group Chief Executive Officer (GCEO) effective May 25, 2022. He replaces Mr Joshua Oigara who has been the GCEO for the last nine and a half years.

In a press release to newsrooms, the company said Joshua will be available for a period of time to support a smooth transition.

“The appointment follows a competitively run selection process that kicked off in March 2022. Paul brings a wealth of experience in banking, operational management, people management, strategy, and a sharp business acumen. He is currently the Managing Director National Bank of Kenya and the KCB Group Regional Business Director. He has over 20 years of work experience spanning executive and key roles including Group Human Resources Director, KCB Group Plc,” the company said

He holds an MBA from Strathmore University Business School and a Bachelor of Business Management from Moi University. He also holds a Senior Executive Program for Africa Certificate from Harvard Business School and a Higher Diploma in Human Resource Management from the Institute of Human Resource Management (Kenya).

Paul is not a newcomer in KCB. Over the past 8 years while at the company, he has been involved in the running of key strategic assignments within the Group business, lately looking after the regional businesses (KCB’s businesses in Tanzania, Rwanda, Burundi, Uganda, South Sudan as well as KCB Capital and KCB Bancassurance Intermediary) and National Bank of Kenya.

“He is therefore the right person for the job and will take the Group to the next level in its growth ambitions to become the undisputed regional leader and drive much-needed business transformation for greater impact of economies and communities around us. During his tenure at NBK, he has executed a significant turnaround, moving the previously lossmaking business into profitability and on a trajectory for stronger growth into the future,” said KCB Group Chairman Andrew Wambari Kairu adding that the Board is confident that he will carry on with the Group’s resolve to simplify the world of our stakeholders to enable their progress.

The Board commended Joshua for his service to the Group since joining in 2011. “Joshua has had a fantastic run as the Group CEO and MD and has led the Group through its fastest growth in a decade.

“He has left a solid legacy for the Group across Africa and beyond that is dotted by transformation of millions of lives, enhanced financial inclusion across the region, digital banking innovations and has built a Group that is anchored on sustainable business practices,” he added.

Oigara leaves a legacy at KCB having steadily steered the company in the last nine years and five months, taking it from a profit mark of $122,64 million in 2013, when it registered a 17 per cent profit, to $293,31 million net profit as of December 31, 2021, riding on an economic recovery across markets.

During his tenure, KCB Group managed to accumulate a huge regional customer base with 26.8 million accounts and 4,900 employees in 222 branches with Kenya leading with 178 branches, 20 in South Sudan, Tanzania 12, Uganda 14, Rwanda 11 and Burundi with one.