The Nairobi Securities Exchange (NSE) Plc has appointed Tom Mulwa as the new chairman of its board, effective July 13, 2026, following the retirement of Kiprono Kittony, who stepped down as chairman and independent non-executive director on July 12 after six years in the role.
Mulwa, who joined the NSE board in September 2025 as an independent non-executive director, was approved for the chairmanship by the board on June 30, 2026, following a review of the exchange’s board composition and the conclusion of Kittony’s term.
He assumes leadership at a time when the bourse is implementing its 2025–2029 strategic plan, which seeks to deepen capital market activity, expand retail investor participation and strengthen Kenya’s position as a leading African financial market.
Mulwa is one of the pioneers of the Liaison Group, having joined the company in 1991 before becoming chief executive officer in 1999. Under his leadership, the firm grew from a small insurance brokerage into a pan-African non-bank financial services group operating in Uganda, Tanzania, Rwanda and South Sudan, with annual revenues exceeding Sh2 billion.
His experience spans insurance and risk management, pension and health administration, and investment advisory. He also serves as chairman of Kenya National REITs, is a council member of the Association of Pension Trustees and Administrators of Kenya, and was appointed by President William Ruto to the National Investment Council in November 2022.
Mulwa holds a Bachelor of Commerce degree from the University of Nairobi, an MBA from the University of Leicester in the United Kingdom, and is a fellow of the Global Risk Management Institute.
He succeeds Kittony, who joined the NSE board on May 30, 2018, and became chairman on July 13, 2020.
During his tenure, the exchange oversaw the end of an 11-year initial public offering drought with the listings of Kenya Pipeline Company and Family Bank. The NSE also introduced single-share trading and launched the Zidii Trader M-PESA platform, broadening access to retail investors.
The exchange said Kittony also championed sustainable finance initiatives and oversaw the implementation of its current five-year strategy aimed at accelerating market growth and innovation.
Mulwa becomes the latest in a line of NSE chairmen that includes Jimnah Mbaru, James Wangunyu, Edward “Eddy” Njoroge, Samuel Kimani and Kittony.
His appointment brings to the helm extensive experience in insurance, pensions, real estate investment trusts and regional financial services as the exchange pursues new listings, deeper institutional capital and wider retail investor participation.
