Thursday, October 17, 2019 - COTU Secretary General Francis Atwoli has been axed as a board member of the National Bank of Kenya (NBK).
This comes days after the previously troubled bank was acquired by the Kenya Commercial Bank (KCB).
In a bid to streamline operations and breathe a new lease of life to the loss making bank, KCB has appointed seven new directors.
KCB CEO, Joshua Oigara, will be part of the new board of directors.
The bank’s new CEO, Paul Russo, John Nyerere, Stanley Kamau, Jones Nzomo, Linnet Mirehane and Gen (Rtd.) Julius Karangi are the other members.
The veteran trade unionist, who occupied one of the two seats reserved for the National Social Security Fund (NSSF) nominees to represent workers’ interests in the lender, is among those dropped.
Others who have been shown the door alongside Atwoli include former NBK Chairman Mohammed Hassan, Mark Obuya and Joseph Kering.
The new management has also scrapped board seats designated for Treasury Cabinet Secretary and the Managing Trustee of the NSSF.
“Following the completion of all the regulatory processes for the takeover of National Bank of Kenya, changes have been made to the board of directors,” reads the public notice.
“The directors have voluntarily retired from the board to pave way for the smooth transition,” adds the notice.
“The new board will provide oversight over all the operations of National Bank in line with the overall KCB Group strategy,” adds the notice.
KCB completed the takeover of the loss-making NBK at the beginning of October after getting the nod from the Capital Markets Authority.
“We are thankful and excited for the goodwill and support we have received from the shareholders, our regulators and all other stakeholders,” Oigara said.
A whistleblower exposed the rot at NBK in 2014 revealing how top managers were awarding themselves irregular bonuses and dished out loans to relatives and close associates with the knowledge of the board.
Atwoli came out guns blazing to defend the bank’s management despite the fact that most of what was reported was true.
The Kenyan DAILY POST