This archive report was first published on 10 June 2020.
Safaricom's Chief Financial Officer Sateesh Kamath has left the company to join Vodafone as its new Business CFO, effective July 1, 2020.
Mr. Kamath, who joined Safaricom in 2016, previously worked at Vodacom Tanzania in a similar capacity.
According to Safaricom's CEO Peter Ndegwa, the company will announce Mr. Kamath's successor in due course.
Mr. Kamath's new role at Vodafone will see him reporting to the company's CEO Vinod Kumar and serving as a member of Vodafone Group Finance Leadership.
"In his four-year tenure, Sateesh built a reputation as an outstanding finance expert in the region, a leader and a mentor, qualities that we at Safaricom have benefitted greatly from and we will deeply miss," said Mr. Ndegwa.
Mr. Kamath played a key role in the completion of the acquisition of M-Pesa Joint Venture from Vodafone and the purchase of critical spectrum, while ensuring efficient use of company's funds.
On April 2020, Safaricom and its parent company Vodacom completed the acquisition of the M-Pesa brand from Vodafone Group Plc in a Sh1.4 billion transaction.
As of March 2020, Safaricom posted a net profit of Sh74.7 billion, driven by strong growth in M-Pesa and data services revenues.
