This archive report was first published on 26 July 2019.
On July 26, 2019, Capital Markets Authority (CMA) chief executive Paul Muthaura announced his decision to leave office at the end of the year, marking the end of a seven-and-a-half year tenure as the regulator's head.
Muthaura, 41, made the announcement during a meeting with the CMA board on Friday morning.
According to CMA chairman James Ndegwa, Muthaura had 'scored highly in all his performance appraisals since becoming chief executive.' Ndegwa added that while the board respected Muthaura's decision, they would have 'gladly considered a further renewal of Mr Muthaura's contract.'
Muthaura joined CMA in 2005 as a legal expert tasked with setting up a legal framework for the regulator. He later rose through the ranks, becoming acting chief executive in 2012 and substantive CEO in 2016.
During his tenure, Muthaura played a key role in enhancing the regulatory and legal framework, expanding the scope of capital markets products, and positioning Kenya in the regional and global capital markets arena.
Some notable achievements under Muthaura's leadership include the introduction of Real Estate Investment Trusts in 2015, Global Depository Receipts in 2017, and derivatives in 2019.
