The EastAfrican
Date: 10.08.2014
Page 60
Article size: 119 cm2
ColumnCM: 26.44
AVE: 39666.66
NSE­listed firms compete for few qualified CFOs
THE EXIT of Colins Otiwu from John Staley, designated as chief of­ the Kenyan market for CFOs is lim­
KCB highlights the increased turno­ ficer in charge of finance, innova­ ited. "The role of the CFO is under
ver among CFOs at NSE­listed firms, tion and technology. Previous hold­
especially banks, as companies bat­ ers of the docket at Equity are Sam­
tle for highly qualified talent to spur son Oduor, Paul Njaga (2012), Ed­
win Mucai (2011) and Allan Mwangi
growth.
Though the reason he left re­ (2010).
National Bank in September last
mains unclear, his exit raises eye­
brows and mirrors the challenge year tapped Chris Kisire, former
that boards are facing in attracting head of finance at Mumias Sugar,
and keeping talent at that level.
as the lender's CFO. Eveready ap­
Joshua Oigara, the KCB CEO, had pointed Geoffrey Mbwika as finance
head hunted Mr Otiwu from rival manager in July this year. He was
Equity Bank where he was finance poached from Oserian. Jonathan
director for two years.
Getting talent at the CFO level
Neill Eggar was hired by Scangroup
has been challenging. Equity Bank
Limited market
has had five CFOs since 2010, with
the current holder of the post being
in December 2013 as CFO.
In 2013, Renaissance Capital said
greater scrutiny, internally and
externally. CFO turnover is on the
rise," said consulting firm Deloitte
& Touche in a study dubbed CFOs in
Transition: Four Faces of the CFO.
Yet, despite the limited talent at
the CFO level, not many are trans­
iting to head companies, as seen in
recent CEO appointments at Kenya
Airways, Standard Group and Ken­
ya Airport Authority. Only Joshua
Oigara, the KCB CEO, has bucked
the trend recently. Mr Oigara served
as CFO of the bank from January
2012 prior to his appointment to the
corner office in January 2013.
Ipsos Kenya ­ Acorn House,97 James Gichuru Road ­ Lavington ­ Nairobi ­ Kenya