Sidian Bank has announced the exit of Mary-Ann Musangi from its board after President William Ruto nominated her husband, Andrew Musangi, to serve as the Central Bank of Kenya (CBK) chairperson.
The move points to a deliberate effort by the lender to avert a conflict of interest as Mr Musangi will oversee the bank if his nomination gets parliamentary approval.
Read: Eyes on CBK’s second deputy governor as Ruto picks chair
Regulators avoid ownership of regulated entities or other relationships that create a conflict of interest.
Sidian Bank said on Thursday it is committed to good corporate governance, business ethics and global best practices.
Ms Musangi, a daughter of the late billionaire businessman Chris Kirubi, has served on the Sidian board for eight years. She was instrumental in rebranding the lender from K-Rep Bank to Sidian Bank in 2016.
She currently serves as the managing director at Haco Industries, one of the companies Kirubi’s estate owns. Sidian Bank is majority-owned by Centum Investment Company, where Mr Musangi currently sits as a director.
“As Mary-Ann embarks on a new chapter, we embrace her legacy of commitment to best practices in corporate governance that she leaves behind. Her unwavering support has been instrumental in shaping the bank’s journey through her participation in the board,” said James Mworia, Sidian Bank board chair who is also chief executive at Centum.
Ms Musangi has previously worked for British multinational pharmaceutical GlaxoSmithKline and advertising, marketing, and public relations agency Ogilvy & Mather, where she honed her skills and experience in the corporate world for over 25 years.
The 52-year-old Kirubi empire heiress also runs other personal entrepreneurial ventures, including the hospitality industry.
Her late father’s business interests are in the media, manufacturing, real estate and technology sectors.
Her husband, Mr Musangi, was picked last month to take over as the CBK chairperson following the exit of Mohammed Nyaoga whose tenure at the apex bank drew to an end on June 17.
Read: Ex-MPs, former KDIC chair in race for CBK chair role
Following the nomination, Mr Musangi’s appointment to the position of chairperson of the Public Procurement Regulatory Board was revoked.
An advocate of the High Court and a senior consultant at LJA Associates LLP, the nominee also serves as the managing partner of Mukite Musangi & Company Advocates. BY BUSINESS DAILY