Hunt for Mohamud’s Successor on: Musyoka
The recruitment process for the next Chief Executive Officer of the Kenya Deposit Insurance Corporation (KDIC) has kicked off in earnest, after the position was declared vacant and advertised in local dailies by the Corporation’s Board of Directors.
The decision by the Carol Musyoka-led Board, is in anticipation of the current CEO, Mr. Mohamud Ahmed Mohamud’s formal exit from the Corporation early next year, upon the expiry of his two terms of three years each in office.
Mohamud, a former Assistant Director with Central Bank of Kenya, rose through the ranks to become KDIC’s first CEO, following the enactment of the KDI Act, 2012, that saw the state Corporation’s mandate enhanced from a Deposit Protection Fund Board, to a fully-fledged Deposit Insurer.
Speaking soon after the announcement, KDIC, Board Chairperson Carol Musyoka extolled Mohamud’s achievements at the Corporation over the years and assured that the process to find his successor will be above board. She added that: “We are committed to the mandate of KDIC and realizing it is our goal”.
The Corporation is the country’s resolution authority for banks, mandated to promptly resolve problem banks, provide deposit insurance for customers of member institutions and generally ensure financial stability in the banking sector. KDIC protects depositors of banks which are licensed and regulated by CBK.