Family Bank Appoints Lazarus Muema Board Chair Following Mungai's Passing

Read Time:2 Minute, 4 Second

Family Bank has announced the appointment of Mr. Lazarus Muema as the new Chairman of its Board of Directors following regulatory approval. Mr. Muema, who has been a Non-Executive Director on the Family Bank Board since 2017, brings a wealth of experience and leadership to this role.

He succeeds the late Francis Mungai, who tragically passed away shortly after his own appointment as Chairman.

Mr. Muema’s experience spans over three decades across the finance, insurance, and pensions sectors.

Mr. Muema holds a Bachelor of Commerce degree in Accounting from the University of Nairobi and being a Certified Public Accountant (CPA-K), and has held senior positions with multinational corporations, including a distinguished career at Shell.

His roles at Shell included Finance Manager at Shell Exploration Kenya, Finance Manager at Shell Uganda, Financial Controller at Kenya Shell, and Finance Advisor at Shell International in London. Additionally, Mr. Muema served as the Pensions Investment and Policy Advisor for Shell’s Africa region.

At Family Bank, Mr. Muema chaired critical committees such as the Board Strategy Committee, Board Audit Committee, and Board Risk Committee.

Beyond his contributions to Family Bank, Mr. Muema is the Founder of Penplan Services Limited, a pension consultancy firm specializing in strategic planning, risk management, and pension scheme governance.

His portfolio also includes his role as Chairman of Riscura Solutions (Kenya) Ltd., an investment consulting firm with a parent company in South Africa.

Additionally, he serves as a Board Member of Kenya Orient Insurance Limited. His past leadership roles include Chairman of the Association of Retirement Benefits Schemes of Kenya, and board positions with Bright Technologies Ltd and Nanga Investments Ltd.

Read: Family Bank Q1 2024 Profits Rise By 25% to Sh910.5 million

In the public sector, Mr. Muema has led consultancy teams for key national organizations, including Kenya Airports Authority, Kenyatta National Hospital, and the Teachers Service Commission, to enhance pension schemes and improve governance frameworks.

Family Bank recently reported a strong financial performance for the first half of 2024, with a profit before tax of Sh2.32 billion, a 15.4% increase from the Sh2 billion reported during the same period in 2023. This growth was largely fueled by an increase in revenues, despite challenging economic conditions.

The Family Bank Board of Directors expressed confidence in Mr. Muema’s leadership and conveyed their congratulations on his appointment. In a statement, the Board noted, “We look forward to Mr. Muema’s guidance as we work toward achieving Family Bank’s vision and strategic goals.”