CBK governor Patrick Njoroge has harsh words for most Kenyan CEO’s

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Patrick Njoroge
Patrick Njoroge, governor of Kenya's central bank, pauses during a Bloomberg Television interview in Cape Town, South Africa, on Friday, Nov. 27, 2015. Kenya is ready to take action to protect the economy from potential market turmoil when the U.S. begins raising interest rates, having built up enough buffers to prepare for the event, Njoroge said. Photographer: Halden Krog/Bloomberg *** Local Caption *** Patrick Njoroge

Central Bank of Kenya (CBK) Governor Dr Patrick Njoroge has an interesting take on the competencies of most Kenyan CEOs.

The governor believes that the CEO’s operate in a very rosy environment which means they remain untested in tough times and would run away if they encountered an overwhelming challenge.

The governor receiving the award
Patrick Njoroge receiving the award

In an interview with audit and financial services firm, KPMG in its Agile or Irrelevant 2019 CEO Outlook, Dr. Njoroge opines that Kenya needs a new crop of agile CEOs who will be more of problem solvers and less of suits if the country is to realise its economic development goals.

“I would characterize the environment in which our CEO’s operate as an ocean that is as flat as a pancake. Many do not know how to act with agility. They are shepherds who will run away when the wolves come,”

“In my view, there is too much slack (or fat) and our CEOs are still complaining, “
According to the monetary policy regulator, most CEOs in East Africa are also not ambitious enough to transform their leadership styles with the sole aim of building resilience.

Patrick Njoroge
Patrick Njoroge

“Functional leaders must be very good leaders. To build resilience the bar must be much higher – most CEOs are not holding themselves to the same bar,” says Dr Njoroge.

Asked to comment on the latest trend in Corporate East Africa where CEOs manage a company for five years and then move on to the next project, Dr Njoroge says that a good leader always works with the long term desired results in mind.

Dr Njoroge further avers that disrupting and taking a business to new heights depends on the vision of the CEO.

“Innovation is about providing relevant solutions. The key issue is what are you doing for the customer?,” says Dr Njoroge ” The CEO is the carrier of fire – he or she carries the vision of the organization forward, and communicates it to the team,”

Patrick Njoroge

The former International Monetary Fund (IMF) advisor further argues that a CEO needs not to be the innovator but must be the person that ensures that innovation succeeds.

Njoroge also thinks that a chief executive also has a social responsibility and must always operate in the best interests of the society no matter the amount of danger the business that they lead finds itself in.

He also thinks that CEOs should afford their staff the room to innovate freely without fear that failure would render them incompetent.

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