By Financial Journal Writer
The outgoing chief executive of the Capital Markets Authority (CMA) Stella Kilonzo was a solitary figure and had lost nearly all influence in the boardroom.
She had been eclipsed by a board that relegated her to the role of passenger in the organisation she was supposed to be heading.
Kilonzo, whose first-term expires in July reportedly told CMA¡¯s Chairman, Kungu Gatabaki in a
CMA outgoing Chief Executive Stella Kilonzo. [Photo:/Standard]
private conversation that she had decided not to apply for a renewal after discussions with her family, but sources knowledgeable about the issue disclosed she decided to buckle out after enduring frustrations by the board and fearing it would accord her negative review, potentially blocking her second bid for the top seat.
But CMA Chairman Kungu Gatabaki dismissed this as mere speculation, saying he had a good working relationship with the outgoing chief executive and was even preparing to recommend to the board to renew her term.
"As far as I am concerned, it was her personal decision. There were no differences between us, Gatabaki told Financial Journal.
"She has never expressed any dissatisfaction with the way things are happening at the authority. We¡¯ve always been open to each other."
Most recent signs that Kilonzo was losing grip at the market regulator played out during the corporate stings at the East African Portland Cement Company (EAPCC) and motor dealer ¡ª Cooper Motor Corporation (CMC).
When CMA suspended EAPCC¡¯s shares from trading at the Nairobi Securities Exchange (NSE) in January, it was Gatabaki and not Kilonzo who made the announcement.
Contrary to the norm where board decisions and communication about such important matters are relayed by the chief executive, Kilonzo was relegated to the periphery as the CMC saga played out to the public gallery.
Matters reportedly came to head on February 6 when CMA¡¯s board held a meeting with the board of CMC Holdings Ltd.
During the encounter, a section of the board spearheaded by lead shareholder Peter Muthoka raised concerns about the recruitment of the firm¡¯s Chief Executive Bill Lay and the integrity of the process.
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