Family Bank board taps insider as new chief executive

Family Bank has picked Rebecca Mbithi as its new chief executive to replace David Thuku who has left the lender.

Like the former CEO, Ms Mbithi is an insider of the home-grown lender, having until now served as a company secretary and director, legal services, a position she has held with the bank for the last four years.

Mr Thuku was at the lender’s helm for nearly three years from April 2016. He replaced Peter Munyiri in June 2016, after the latter’s contract expired.

“Rebecca is a highly experienced professional with an extensive background in leadership in various organisations at director level specialising in law, project finance, corporate restructuring, equity/debt raising and governance,” said Family Bank chairman Wilfred Kiboro in a statement yesterday.

Prior to joining the lender, Ms Mbithi worked at the Kenya Tea Development Agency and Rift Valley Railways.

“At Family Bank, she has been instrumental in strategy and business development, capital and debt raising, risk management, compliance and controls, providing legal services and strengthening the Bank’s governance structures,” said Mr Kiboro.

The institution started in 1984 as a microfinancier — Family Finance Building Society — before converting into a fully-fledged commercial bank in May 2007.

Family Bank, which has set a target of attaining tier one status in the short term, laid off 150 employees in December 2017 in cost-cutting efforts. It also closed a couple of branches then, leaving it with 91 outlets, stating that the move would save it Sh36 million annually.