Stanbic Holdings PLC has announced the appointment of former Nation Media Group (NMG) CEO Joseph Muganda as the Chairman of its board, effective January 1, 2024.

This development comes as Kitili Mbathi, who has served as the chairman since May 9, 2019, is set to retire on December 31, 2023, concluding a distinguished 16-year tenure on the company's board.

Joseph Muganda, who joined Stanbic's board as an independent non-executive director on October 12, 2021, boasts an illustrious career of over 25 years leading major blue-chip companies in Kenya.

Notably, he served as the managing director for Vivo Energy’s Kenya business between 2017 and 2019, succeeding Polycarp Igathe.

Before that, Muganda held key executive roles at corporate giants such as NMG and Kenya Breweries Limited (KBL).

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His extensive experience also includes significant contributions to British American Tobacco (BAT), Unilever, and Barclays Bank.

At NMG, Muganda played a pivotal role in reshaping the company's trajectory by driving a comprehensive product portfolio review and overseeing a general restructuring to capitalize on the opportunities arising from digital disruption in the media sector.

Muganda, a holder of a Bachelor of Science in Economics (Accounting and Financial Management) from the University of Buckingham and a Master of Business Administration (MBA) from the University of Leicester, brings a wealth of knowledge to his new role.

Commenting on the appointment, Stanbic Holdings PLC's company secretary, Nancy Kiruki, extended best wishes to Muganda, stating, "In addition to his directorship on the board of the company, he also is a director of Stanbic Bank Kenya Limited. The board wishes Muganda all the best in his tenure as the chairman."

Kiruki also took a moment to acknowledge Kitili Mbathi's exceptional service and leadership during his tenure as director and chairman of the board.

"During his tenure as director and chairman of the board, Mbathi steered the company through the successful implementation of the strategic plans, embedment of sustainability and risk management, among others," she noted.

"In addition, the company grew significantly during his tenure, contributing to economic development, supporting the government’s development agenda, and driving growth in Kenya and South Sudan."

The transition from Mbathi to Muganda signifies a pivotal moment for Stanbic Holdings PLC as it looks to leverage Muganda's wealth of experience to continue its growth trajectory and strategic initiatives in the financial sector.