In a public announcement issued on Monday, the airline said Ms. Koimett will represent KQ Lenders Company 2017 Limited on the board, with the appointment taking effect from January 26, 2026.

“This announcement is made pursuant to the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2023, promulgated under the Capital Markets Act,” Kenya Airways said.

“The Board of Directors of Kenya Airways Plc hereby announces the appointment of Ms. Esther Jepkemboi Koimett, CBS, as a non-executive director of the Company (representing KQ Lenders Company 2017 Limited on the Board),” the statement added.

The appointment places one of Kenya’s most experienced public-sector investment managers at the centre of governance at the airline, whose ownership and control structure shifted significantly following a debt-for-equity restructuring that converted billions of shillings owed to lenders into shareholding interests.

KQ Lenders Company 2017 Limited represents local and international lenders who extended financing to Kenya Airways during earlier restructuring efforts, particularly as the airline struggled with mounting losses, fleet financing obligations and operational disruptions exacerbated by the Covid-19 pandemic.

The lenders emerged as a critical stakeholder bloc following the restructuring, joining the Government of Kenya and strategic partner KLM in steering the airline’s turnaround.

Ms. Koimett’s appointment is expected to strengthen lenders’ representation at board level while bringing deep expertise in public finance, investment structuring and corporate governance.

According to the announcement, Ms. Koimett is “an accomplished public servant with over 35 years’ experience spanning across investment promotion, banking, privatisation, public enterprise reform, and public policy.”

She has played a central role in “the structuring and execution of major strategic transactions and initiatives undertaken by the Government of the Republic of Kenya,” particularly during her tenure at the National Treasury.

Ms. Koimett previously served as Investment Secretary and Director-General for Public Investments and Portfolio Management at the National Treasury, a role that placed her in charge of oversight of State corporations, government shareholding, and major public investments.

She has also held senior positions as Principal Secretary in the State Department of Transport, and Principal Secretary in the State Department of Broadcasting and Telecommunications, roles that exposed her to infrastructure development, aviation policy, and regulatory oversight.

Earlier in her career, she served as Permanent Secretary in the Ministry of Tourism and Information, and as Managing Director and Chief Executive Officer of the Kenya Post Office Savings Bank, giving her extensive exposure to financial services management.

Ms. Koimett is not new to the national carrier. She has previously served on the Kenya Airways Plc board representing the Government of Kenya, during a period marked by intense negotiations around state support and restructuring.

Her return to the board, this time representing lenders, underscores the shifting balance of influence at the airline following the recapitalisation and debt restructuring process.

Beyond the public sector, Ms. Koimett has built a strong profile in private-sector governance.

She currently serves as Chairperson of M-Pesa Holdings Company Limited, one of Kenya’s most strategically significant fintech entities, and Chairperson of AAR Insurance Kenya Limited.

She is also a non-executive director at Car & General, a listed industrial and consumer goods firm, and has previously served on multiple corporate boards across banking, insurance and infrastructure.

Her long association with Safaricom Plc, where she has served as a director, has further cemented her reputation as a seasoned boardroom leader with experience overseeing complex, regulated businesses.

Ms. Koimett holds a Bachelor of Commerce degree and an MBA from the University of Nairobi, an Advanced Management Programme (AMP) certificate from Strathmore University, and is a member of the Institute of Investment and Financial Analysts (IIFA), Kenya.

She was awarded the Chief of the Order of the Burning Spear (CBS) in recognition of her service to the country.

“The Board, Management and Staff of Kenya Airways Plc hereby congratulate Ms. Koimett on her appointment to this new role,” the airline said.

The announcement was signed by Company Secretary Habil A. Waswani on January 26, 2026.

Kenya Airways noted that the disclosure was issued with the approval of the Capital Markets Authority, adding that “as a matter of policy, the Capital Markets Authority assumes no responsibility for the correctness of the statements appearing in this announcement.”

Ms. Koimett’s appointment comes at a critical phase for Kenya Airways as it seeks to stabilise operations, rebuild profitability and align the interests of government, strategic partners and lenders in steering the airline’s long-term recovery.

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In a press release Wednesday on November 19, 2025, CMA announced that the former CBKL Chairperson, Mr. Zafrullah Khan, was fined Ksh 5 million and barred from serving as a director or key personnel in any capital markets entity for ten years.

“Mr. Khan, as Board Chairperson, failed to exercise effective oversight, leading to the publication of false and misleading financial statements in the Information Memorandum.

He also failed to disclose material information regarding his bonus and approved it without declaring a conflict of interest,” CMA said.

The former General Manager, Finance, Mr. Makarios Agumbi, was fined Ksh 3.5 million and disqualified for five years.

CMA found that he facilitated false 2014 financial statements in the MTN Information Memorandum and authorized Mr. Khan’s lump-sum bonus payment contrary to board resolutions.

Meanwhile, former General Manager, Corporate Assets, Mr. James Mwaura, was fined Ksh 2.5 million and disqualified for two years.

CMA cited his role in misclassifying related-party loans and enabling the irregular bonus payment.

“All three individuals are required to undergo corporate governance training before being eligible for any board or key management positions in Kenya’s capital markets,” CMA added.

The 2015 MTN issuance had raised Ksh 4.8 billion of a planned Ksh 10 billion and was listed on the Nairobi Securities Exchange on 22 June 2015.

The following year, the Central Bank of Kenya (CBK) appointed the Kenya Deposit Insurance Corporation (KDIC) as receiver for Chase Bank, leading to the suspension of bond trading on April 8, 2016.

CMA conducted a thorough investigation into whether regulatory breaches contributed to CBKL’s collapse.

Key findings included false financial statements, nondisclosure of material information, and conflicts of interest.

Notices to Show Cause (NTSC) were issued to twelve board and senior management members, with nine appearing before an Ad Hoc CMA Board Committee.

“Following the administrative hearings concluded on November 17 2025, the Committee determined that Mr. Khan, Mr. Agumbi, and Mr. Mwaura breached the capital markets regulatory framework regarding the use of MTN funds,” CMA confirmed.

The trio had earlier tried to halt the proceedings through the Capital Markets Tribunal (Khan & 2 others v CMA, Appeal 2 of 2022), but the tribunal ruled in February 2024 that they must appear before the Ad Hoc Committee to conclude the enforcement process.

This decisive action by CMA reinforces its commitment to investor protection, corporate governance, and accountability in Kenya’s capital markets.

“CMA’s enforcement sends a clear message: breaches of financial reporting, conflicts of interest, and misrepresentation in capital markets will not be tolerated,” the Authority said.

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