Paul Njaga takes over as Group MD and Chief Executive Officer while Muthoni Kuria, a member of the board, takes over as acting Chair.
No reason has been given for the sudden resignations although sources indicate they came at the insistence of the Central Bank of Kenya.
Governor Patrick Njoroge who has CEOs of Kenyan banks literally shaking in their boots would not be drawn into discussion over Chase Bank during a media briefing earlier today.
Questions have been raised regarding Chase Bank's momentous swing from a healthy profitable position at the end of the nine months to September 30, 2015 only to plunge into loss territory at the end of December 31, 2015.
The bank reported a loss of Sh790million.
Chse is a tier III bank popular with SMEs and especially contractors and suppliers who favour it for funding their LPOs.
Last week it announced a Sh5billion credit facility from the African Development Bank for onward lending to SMEs.
Last year it came to the market with a corporate bond which was oversubscribed.