Former President Mwai Kibaki on Thursday lost the plum chancellor job at the Kakamega-based Masinde Muliro University of Science and Technology (MMUST) to a career corporate manager Peter Muthoka.

The new appoint of Muthoka, took effect on December 8, and his appointment received a ratification a Thursday after President Uhuru Kenyatta put on the Gazette notice dated December 14.

Mr Muthoka retired from the Kenya Commercial Bank in May 2012 after a long standing experience in corporate management and entrepreneurship in both the private and public sector spanning several years.

He served at KCB Group as the director and as the group Chair for seven years. He is also the chair of the Old Mutual Asset Managers, Old Mutual Investments Services, Bel Air Management Ltd, the Advocates Plaza Ltd and Faulu Microfinance Bank.

He is also a director of Old Mutual Holdings and Old Mutual Life Assurance Company, Old Mutual Africa Holdings and Old Mutual Emerging Markets and Director of the Institute of Directors.

The billionaire businessman is also the chair of the Board of Fellows of the Kenya Institute of Management (KIM) and chair of the Board of Trustees of The Management University of Africa (MUA).

Further, Muthoka has been an initiator and implementer of development programmes at national, regional and international levels under the auspices of the Government of Kenya (GOK) and multilateral and bilateral agencies.

In the lead up to the August 8 election, Muthoka was among top professionals and businessmen from Ukambani who formed part of Uhuru's re-election campaign in Eastern region.

He accompanied Uhuru and DP William Ruto during visits to the region and was occasionally invited to greet the crowds during the tours.

Muthoka is also believed to have funded the UhuRuto re-election campaign.