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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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Abby wrote:I thought Family Bank have a CEO --- Kinyanjui or a name like that? Dont know what will happen to Kinyanjui but here s the link. http://www.nation.co.ke/...1006/1185416/-/1rkc32/-/
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Rank: Veteran Joined: 9/5/2007 Posts: 627
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A lot of misinformation on this thread, some of which has been cleared. Munyiri was appointed by the MOO management as deputy CEO because of his vast experience, influence and contribution to the KCB Group. Kimani was appointed by the board to watch over the Group Controls.
The grapevine has it that the board and management were unable to decide who was to take over as CEO when MOO was expected to leave at the end of his contract on 30 April 2011. Remember they extended his contract by 2 years effective 1 May 2011 on 4 May 2010!
Same grapevine also has it that Kimani and Oduor were not seeing eye-to-eye on many issues and that MOO favoured Munyiri to take over.
And who says that Family Bank have not poached Munyiri from KCB to help them get out of the doldrums?
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Rank: Member Joined: 9/21/2006 Posts: 422 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! Weweweeeeee..... stop misleading us, he gets paid what is equal to one and half months salary for every year worked. Eg. if the salary was 2m per month at the point of departure then he gets 3m per year worked. In addition, being fired is not the same as taking " voluntary early retirement" should the company present such an offer to staff.
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Rank: Veteran Joined: 11/30/2006 Posts: 635
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tassia wrote:[quote=Abby]I thought Family Bank have a CEO --- Kinyanjui or a name like that? Dont know what will happen to Kinyanjui but here s the link. http://www.nation.co.ke/...006/1185416/-/1rkc32/-/[/quote] Chairman of Family talking about CEO position. Its a case of your boss discussing your job while you are still in office.
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Rank: New-farer Joined: 5/11/2011 Posts: 63
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Those who have worked with with Munyiri are familiar with his management style unless he changes. Very good at undermining fellow staff, he is a big talker, believes in God-father approach, night meetings, office camps, vendetta, back-stabbing et all. Ask former colleagues at Stanchart, Co-op, KCB.
Why was there an exodus of Co-op staff to KCB immediately he left Co-op. It was his way of hitting back at his former boss at Co-op Gideon by poaching staff from there.
You may also want to read the articles in the press prior to
the Mckinsey study about his crusade with one Tim (from Co-op)to undermine MOO.
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Rank: Veteran Joined: 11/19/2010 Posts: 1,308 Location: nairobi metropolitan
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Given 3 months severance pay+ 1.5 months per every year worked+ 40% rebate on loan + medical all. is an offer i can take for a late twenties and qualified employee. The kcb offer is too good that it can only benefit the bank if it was meant for eldery, overpaid and less productive employees. Otherwise the voluntary early retirement offer might leave kcb stuck with staff it aimed to entice to retire( those who have no otherwise. Democracy does not belong to the dead
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Rank: Member Joined: 4/14/2011 Posts: 639
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Did they confirm him as the new ceo ama bado?
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Rank: Chief Joined: 1/13/2011 Posts: 5,964
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githundi wrote:Given 3 months severance pay+ 1.5 months per every year worked+ 40% rebate on loan + medical all. is an offer i can take for a late twenties and qualified employee. The kcb offer is too good that it can only benefit the bank if it was meant for eldery, overpaid and less productive employees. Otherwise the voluntary early retirement offer might leave kcb stuck with staff it aimed to entice to retire( those who have no otherwise. Glad u raised this. It has me concerned too!! Last year V.E.R was also put out n' only 200 out of a targeted 1K took it up. I suspect there are some ol' croonies wamekamatana huko ndani! Saidia!
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Rank: Member Joined: 6/21/2010 Posts: 514 Location: Nairobi
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Sasha wrote:A lot of misinformation on this thread, some of which has been cleared. Munyiri was appointed by the MOO management as deputy CEO because of his vast experience, influence and contribution to the KCB Group. Kimani was appointed by the board to watch over the Group Controls.
The grapevine has it that the board and management were unable to decide who was to take over as CEO when MOO was expected to leave at the end of his contract on 30 April 2011. Remember they extended his contract by 2 years effective 1 May 2011 on 4 May 2010!
Same grapevine also has it that Kimani and Oduor were not seeing eye-to-eye on many issues and that MOO favoured Munyiri to take over.
And who says that Family Bank have not poached Munyiri from KCB to help them get out of the doldrums? I thought MOO'contract was extended for another 2 yrs when it expires on May 1-2011 to 2013. 'They say money cannot buy me happiness but when i compare when i had none and now, i'm happier' Kevin O'leary
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Rank: Veteran Joined: 1/7/2010 Posts: 1,279 Location: nbi
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Rank: New-farer Joined: 1/10/2010 Posts: 73 Location: kenya
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The big three banks have their growth almost stagnant because of lack of new ideas,yet the smaller growing banks poach their CEOs from the big three.
MOO moved from BBK to KCB more than 10 Years ago and KCB woes still stand to date.
Stanchart got their retail director also from BBK and no significant growth has taken place other than loosing their position in the rankings.
I'm not saying this guys are not good but they are as good as maintaining the status quo.
Where JM came from to bring Equity to where it is today is where banks should be looking.
This notion that when the CEOs move they will bring with them the customers with big books from their former banks is misplaced.
As an emerging market there is alot of new business not yet tapped(ask JM),and that is where the growth is.
What is he going to see while in Family that he did not see while in KCB.(or his hands were tied)
Make Hay While The Sun Shines.
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Rank: Member Joined: 4/14/2011 Posts: 639
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chaliwong wrote:The big three banks have their growth almost stagnant because of lack of new ideas,yet the smaller growing banks poach their CEOs from the big three.
MOO moved from BBK to KCB more than 10 Years ago and KCB woes still stand to date.
Stanchart got their retail director also from BBK and no significant growth has taken place other than loosing their position in the rankings.
I'm not saying this guys are not good but they are as good as maintaining the status quo.
Where JM came from to bring Equity to where it is today is where banks should be looking.
This notion that when the CEOs move they will bring with them the customers with big books from their former banks is misplaced.
As an emerging market there is alot of new business not yet tapped(ask JM),and that is where the growth is.
What is he going to see while in Family that he did not see while in KCB.(or his hands were tied)
Make Hay While The Sun Shines. >All we ask of him is to take family Bank to where KCB is and we are happy.Ths gonna be a no brainer since he has been there plus he wil be out to prove a point to his former employer so bring it on Mr Munyiri!
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Rank: Member Joined: 1/29/2011 Posts: 257
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@ the deal should unleash an analysis of Family Bank's fundamentals and prospects on his blog...  "All intelligent investing is value investing -- acquiring more than you are paying for. You must value the business in order to value the stock." - Charlie Munger.
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Rank: Veteran Joined: 1/7/2010 Posts: 1,279 Location: nbi
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I think Underwear's pt with respect to KCB is that with Munyiri have moved across to become a CEO, KCB doesn't have a succession strategy for MOO. But I think Munyiri (I wonder if his from Nyeri?), also has a strategy which might to run Fam BAnk until the KCB situation is vacant. I'd be amazed if MOO had the position after his 2 yr term esp and if the great duo take power The Governor of Nyeri - 2017
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Rank: Veteran Joined: 9/5/2007 Posts: 627
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@erifloss: What I meant was that MOO's contract was extended by 2 years a full one year before it was to expire! That would either mean that the board feels that they cannot afford to lose him or they do not have a succession strategy! I tend to believe the latter.
@pedro: Just because people decide to follow someone to another company does not mean that there is a vendetta. It could also mean they see him as a mentor and like his management style. You can be sure that some of the senior managers who lost their positions in the restructuring will join Family Bank in senior capacities. That can only be a major plus for Family Bank! The former head of treasury at KCB is said to has already jumped ship to Family Bank and will be followed by majority of the guys Munyiri brought with him from Co-op Bank.
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Rank: Elder Joined: 9/25/2009 Posts: 4,534 Location: Windhoek/Nairobbery
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earthvoice wrote:@ the deal should unleash an analysis of Family Bank's fundamentals and prospects on his blog... Well do they plan an IPO? I know this year will be bad for them...anyways good suggestion 
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Rank: Member Joined: 4/14/2011 Posts: 639
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the deal wrote:earthvoice wrote:@ the deal should unleash an analysis of Family Bank's fundamentals and prospects on his blog... Well do they plan an IPO? I know this year will be bad for them...anyways good suggestion >seconded and before he releases the numbers am already shouting BUY BUY BUY before the dosier is out.With the new management in place the sky is no longer the limit.Henry Karugu(read from Equity) is also in Btw
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Rank: Elder Joined: 9/25/2009 Posts: 4,534 Location: Windhoek/Nairobbery
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Uhmm when is the IPO??? Gross non performing loans a key measure of a banks profitability doubled in 1Q 2011 from sh 0.61B to Sh 1.2B while for KCB declined marginally no wonder there is change at the top.
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Rank: Chief Joined: 1/13/2011 Posts: 5,964
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@Mr. Media man..what's that about KCB's Q1s? Last time I checked a 33% growth was a +ve. Man..ur credibilty is flushing down fast..check urself sun.
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Rank: Chief Joined: 1/13/2011 Posts: 5,964
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Cde Monomotapa wrote:@Mr. Media man..what's that about KCB's Q1s? Last time I checked a 33% growth was a +ve. Man..ur credibilty is flushing down fast..check urself sun. Oops ma bad! U r reffering to NPLs my apologies, was shooting from the hip.
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FAMILY BANK STEALS THE SHOW FROM KCB!
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