Corporate shake-up as leadership changes sweep banking, insurance, aviation sectors

The boardroom shifts come against a backdrop of profit pressures, regulatory reforms, and broader restructuring efforts across banking, insurance and aviation.

At Standard Chartered Bank, Gladys Warirah has been appointed Chief Financial Officer and Executive Director, pending approval from the Central Bank and the Capital Markets Authority.

She will replace long-serving CFO Chemutai Murgor, who exits at the end of May this year. Murgor has spent more than 25 years at the bank.

This also followed the announcement of Kariuki Ngari’s retirement from his CEO role after more than two decades at the bank. Birju Sanghrajka has been lined up as successor, subject to regulatory approval.

Warirah’s appointment comes at a delicate time for the lender. The bank has issued a profit warning for the year ended December 2025, saying that net earnings will decline by at least 25 percent, largely due to pension settlement costs.

In the insurance sector, East African Breweries Limited (EABL) Chief Financial Officer Risper Genga Ohaga, who is set to leave the brewer at the end of June, will take up a new role as Group CEO of APA Apollo Group.

Ohaga will succeed Ashok Shah, who has led the insurance group for fourteen years. Her move marks a return to financial services after six years in manufacturing.

Ohaga will be tasked with reversing a dip in profitability. APA Insurance posted a profit after tax of Ksh.926.7 million in 2024, down from Ksh.1.1 billion in 2023, despite insurance revenue rising to over Ksh.17 billion.

And, in aviation, Kenya Airways has begun the search for a substantive CEO following the exit of Allan Kilavuka in December last year after a six-year tenure.

Former Chief Operating Officer Captain George Kamal has been holding fort as Acting CEO. President William Ruto has also indicated that a new board will be constituted to support the carrier’s recovery strategy.

In the financial sector, Tamara Cook has stepped down as CEO at FSD Kenya, to join the United Nations. She is succeeded by Rashmi Pillai, whose focus will be narrowing the financial health gap, with only about 18 per cent of Kenyans considered financially healthy, despite high access to financial services.

The leadership changes point to a broader reset as firms navigate weaker earnings and evolving regulatory demands.