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Centum-owned Sidian Bank has announced the exit of Mary-Ann Musangi from its board following the nomination of her husband Andrew Musangi as Central Bank of Kenya Chairperson.
As the spouse of a nominee for such a significant regulatory position, Mary-Ann Musangi's continued presence on the bank's board could have raised concerns about undue influence and favouritism.
To maintain transparency and adhere to regulatory guidelines, the bank has opted to part ways with Mary-Ann, who has served on its board for an impressive eight years.
Mary-Ann Musangi's contribution to Sidian Bank extends beyond her years of service; she played a pivotal role in the bank's rebranding from K-Rep Bank to Sidian Bank in 2016.
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Besides banking, Mary-Ann is the managing director serves as the managing director at Haco Industries, one of the companies within her late father, Chris Kirubi's business empire.
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Musangi also boasts a wealth of experience acquired during her tenure at British pharmaceutical giant GlaxoSmithKline and advertising and marketing agency Ogilvy & Mather.
Centum-Investments CEO James Mworia while making the announcement thanked Musangi for her contribution to the growth of the company.
"As Mary-Ann embarks on a new chapter, we embrace her legacy of commitment to best practices in corporate governance that she leaves behind.
"Her unwavering support has been instrumental in shaping the bank’s journey through her participation in the board," said Mworia.
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Musangi was nominated to replace Mohammed Nyaoga who exited the position after completing his second tenure in office in June.
He emerged as the best candidate in a pool of applicants who included Abdikadir Omar Aden, John O. Konchellah, James Gituro Wahome, Thomas L. Mwadeghu, Andrew Mukite Musangi and James T. Y. Lopoyetum.
If approved Musangi will among many other responsibilities keep under constant review the performance of the Central Bank Governor in discharging the responsibility of that office.