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FAMILY BANK STEALS THE SHOW FROM KCB!
Rank: Member Joined: 4/25/2011 Posts: 368 Location: Nairobi
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gathinga wrote:mwanahisa wrote:YES, INDEED YOU ARE WRONG! The payoff is 1.5 months per year worked not for all the months. Still, it is a pretty good deal for Munyiri et al. Genghis Khan wrote:They say lumpsum is: 1.5*NumberOfMonthsInKCB*Salary Assuming conservatively that the DCEO salary after 20years is 2M... 1.5 * 240 * 2,000,000 = KES 720,000,000 Gross After GoK promptly takes 30% tax... KES 500,000,000 take home!!!!!
And then there is PENSION!Someone please tell me am wrong... I am a KCB shareholder Still very good cash. I also want to be fired! Munyiri Joined KCB in 2007. This cannot be 20 years unless we are in the year 2026. He has previously worked for Co-operative, Barclays and Standard Chartered banks in Kenya.
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Rank: Member Joined: 1/24/2008 Posts: 479
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@gathinga..go call your mboss a devil,or a dog during a staff meeting!! Every man is guilty of all the good he didn't do- Voltaire
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Rank: Member Joined: 8/5/2010 Posts: 335 Location: Nairobi
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tassia wrote:gathinga wrote:mwanahisa wrote:YES, INDEED YOU ARE WRONG! The payoff is 1.5 months per year worked not for all the months. Still, it is a pretty good deal for Munyiri et al. Genghis Khan wrote:They say lumpsum is: 1.5*NumberOfMonthsInKCB*Salary Assuming conservatively that the DCEO salary after 20years is 2M... 1.5 * 240 * 2,000,000 = KES 720,000,000 Gross After GoK promptly takes 30% tax... KES 500,000,000 take home!!!!!
And then there is PENSION!Someone please tell me am wrong... I am a KCB shareholder Still very good cash. I also want to be fired! Munyiri Joined KCB in 2007. This cannot be 20 years unless we are in the year 2026. He has previously worked for Co-operative, Barclays and Standard Chartered banks in Kenya. @tassia; @Wa_Ithaka, I mistook Munyiri for Kimani... sorry for that. Kimani has been in KCB for 11yrs... so my earlier calc comes to at least 250m net... still a princely sum if I got it right on the pay formula... One of the retrenched guys was with KCB for 20yrs... can't get the link where I read the story... when I do I will post it in my defense then we can calculate HIS benefits. Again sorry for the "typing error". "I'd rather be lucky than clever... every time!" - ME "The problem is not what we don't know... it's what we know for sure that just ain't!" - MARK TWAIN "Space we can recover... time never!" - NAPOLEON BONAPARTE
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Rank: Member Joined: 4/25/2011 Posts: 368 Location: Nairobi
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@Genghis Khan,
From your post, you would want to indicate that someone may not be a good CEO, just because he was in charge of group controls. Kimani who was the deputy CEO in charge of group controls was previously the finance director at KCB, has previously worked for CBK and PricewaterhouseCoopers. He holds a Bachelor Bachelor of Science Degree in Civil Engineering and an MBA Strategic Management both from the University of Nairobi. He is an alumnus of Harvard Business School’s Advanced Management Program. He is a member of the Institute of Certified Public Accountants of Kenya (ICPAK).
Martin, the current CEO of KCB and James Mwangi were previously in Finance before they took CEO positions. Of course people at decision making positions in hiring companies know that the KCB Managers are not out of work because they are non performers. The bank just wanted to reduce the number of management positions.
If guys had cared to follow what was on the news before restructuring, the two deputy CEO's were seen as qualified to take up Martin's role but then again, he was not to leave the position for them before his time was due.
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Rank: Member Joined: 8/5/2010 Posts: 335 Location: Nairobi
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Wa_ithaka wrote:Two things many of you are overlooking. While we all agree bank has not performed to its potential (especially when you put it next to Equity), the main reason has been Kiondo who was CEo for many yrs before being forced oput by CBK’s rules. To be fair to him, he kept the bank going, but having invited an external player who wants to make big chums within the 5 years they’ll hold the shares, he is being forced to backdown and accept to play a lower profile game. It is not easy to get a CEO job in Kenya’s banking industry because there are 44 jobs and most CEOs seem to stay for 20yrs. It is also industry is now growing at a pace and therefore doesn’t allow for KANU-type of operating where you put in a goat herder as CEO. So you can twiddle your thumb while you wait for your boss to go or for Reuben to vacate from NBK, which is what Peter has had to do for 4 years or grab the first CEO role that comes along.
Being CEO may be better than DCEO of KCB he has a chance to make a name for himself... Still, he may not enjoy his new job with the family breathing down his neck... he may not have the absolute power to hire / fire / reorganize / restrtegize / rebrand... He may not enjoy Board support for such hard decisions... I don't think the MuyaFamily & Co. will let him make the hard decisions he needs to... Family is still a family biz. "I'd rather be lucky than clever... every time!" - ME "The problem is not what we don't know... it's what we know for sure that just ain't!" - MARK TWAIN "Space we can recover... time never!" - NAPOLEON BONAPARTE
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Rank: Elder Joined: 5/27/2008 Posts: 3,760
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Now if as @Cde said earlier that Munyiri couldn't get a license from CBK, how will he now get it when he goes to Family?
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Rank: Member Joined: 8/5/2010 Posts: 335 Location: Nairobi
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tassia wrote:@Genghis Khan,
From your post, you would want to indicate that someone may not be a good CEO, just because he was in charge of group controls. Kimani who was the deputy CEO in charge of group controls was previously the finance director at KCB, has previously worked for CBK and PricewaterhouseCoopers. He holds a Bachelor Bachelor of Science Degree in Civil Engineering and an MBA Strategic Management both from the University of Nairobi. He is an alumnus of Harvard Business School’s Advanced Management Program. He is a member of the Institute of Certified Public Accountants of Kenya (ICPAK).
Martin, the current CEO of KCB and James Mwangi were previously in Finance before they took CEO positions. Of course people at decision making positions in hiring companies know that the KCB Managers are not out of work because they are non performers. The bank just wanted to reduce the number of management positions.
If guys had cared to follow what was on the news before restructuring, the two deputy CEO's were seen as qualified to take up Martin's role but then again, he was not to leave the position for them before his time was due.
I was suggesting that a DCEO - Group Controls would not fit CBO as easily... the CBO is mandated primarily with business development... I was also suggesting that a former DCEO - Group Controls may not be able to bring in as much "deals" from the fromer employer... Genghis Khan wrote: This guy was DCEO in charge of "Group Controls"...
I don't think you should expect him to bring much in the way of "deals"...
Unless you want to take some of the other guys as well eg. treasury, corporate banking etc...
If you do that please have in mind that you are taking the guys that McKinsey think were doing more "harm than good" within KCB (ie. making big salaries without adding value)...
Still it's entirely possible to put them to good use in a new organisation. GoodLuck!
"I'd rather be lucky than clever... every time!" - ME "The problem is not what we don't know... it's what we know for sure that just ain't!" - MARK TWAIN "Space we can recover... time never!" - NAPOLEON BONAPARTE
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Rank: Veteran Joined: 1/7/2010 Posts: 1,279 Location: nbi
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Gordon Gekko wrote:Now if as @Cde said earlier that Munyiri couldn't get a license from CBK, how will he now get it when he goes to Family? say what? The announcement is this afternoon. CBK will already have cleared him for them to be making the announcement. As I said, the Fam Bank that is evolving will be less dominated by Muya Snr The Governor of Nyeri - 2017
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Rank: Member Joined: 3/7/2011 Posts: 112
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I thought Family Bank have a CEO --- Kinyanjui or a name like that?
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Rank: Member Joined: 4/25/2011 Posts: 368 Location: Nairobi
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Gordon Gekko wrote:Now if as @Cde said earlier that Munyiri couldn't get a license from CBK, how will he now get it when he goes to Family? @Gordon Gekko, Please provide the link that Munyiri Could not get a licence from CBK. I doubt if CBK would decline if he is clean. Here is Munyiri's profile He joined KCB in April 2007. He is a professional Banker and a Corporate Executive with 17 years experience in Banking having worked at Co-operative Banking as the General Manager in charge of Retail Banking and also as General Manager for Technology and Operations Division within Co-operative Bank. Prior to joining Co-operative Bank, Peter worked for Standard Chartered Bank in Trade Finance and at Barclays Bank in Risk Management Division. He is a fellow of the Kenya Institute of Bankers (FKIB) and an Associate of the Chartered Institute of Bankers (UK). He is holder of an MBA from Newport University and a BA Economics degree from the University of Nairobi.
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FAMILY BANK STEALS THE SHOW FROM KCB!
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