This archive report was first published on 10 June 2020.
On June 10, 2020, Safaricom announced the promotion of Sateesh Kamath, its Chief Financial Officer (CFO), to the role of Chief Financial Officer Vodafone Business, effective July 1, 2020.
According to Safaricom's CEO Peter Ndegwa, Kamath will report directly to Vinod Kumar, Chief Executive Officer Vodafone Business, and will also become a member of Vodafone Group Finance Leadership Team.
Since joining Safaricom as CFO and Executive Director on August 1, 2016, Kamath has played a crucial role in the company's growth and success. He is credited with helping to increase Safaricom's shareholders' value by 50 percent to Sh1.2 trillion and improving business performance through the Fit for Future Initiatives, which added 6 percentage points to the EBIT margin.
During his tenure, Kamath also 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 the company's funds.
As Kamath leaves Safaricom, Ndegwa praised his leadership and mentorship skills, saying, '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.'
