KCB extends CEO’s contract

by Richard Kilner

Story link: KCB extends CEO’s contract

The Board of Kenya Commercial Bank (KCB) has announced that Chief Executive Officer Dr. Martin Oduor-Otieno has had his contract extended by two years from the expiry date of his present contract, effective 1 May 2011.

He joined the firm in 2005 as deputy chief executive officer, and during his time with the bank led the expansion drive into new countries, including Southern Sudan, Uganda and Rwanda.

Group Chairman Peter W. Muthoka has explained the decision by citing Oduor-Otieno’s strong performance over the last three years and the preference for stability as the bank continues its expansion in the East Africa region.

Muthoka went on to say that 2010 was a year for the bank to enhance its efficiency, increase its market share and improve employee productivity.

Already this year the KCB has opened 34 new branches, and 100 ATMs throughout the region.

Oduor-Otieno has said that the Board’s decision is a vote of confidence in him and pledged to continue his efforts for the firm.