This archive report was first published on 30 July 2020.
July 30, 2020 - Safaricom has announced the appointment of Michael Joseph as its new Chairman of the Board of Directors, following the retirement of Nicholas Nganga after 16 years of service.
Michael Joseph, a seasoned executive with a deep understanding of the company's operations, has been serving as a non-executive board member since 2008. He previously held the position of CEO from 2003 to 2010, before becoming interim CEO in 2019 following the passing of Bob Collymore.
On his appointment as Chairman, Michael Joseph expressed his honor and humility in taking over from Mr. Nganga, who has led the company to great heights during his tenure as Chairman. He pledged to work with the Board, CEO Peter Ndegwa, and the entire Safaricom team to continue transforming lives.
Mr. Nganga's Achievements ¶
Under Mr. Nganga's leadership, Safaricom has experienced remarkable growth, with shareholder value increasing by 607% since listing. The company's market capitalization has reached KES 1.075 trillion, accounting for 50% of all listed firms on the Nairobi Securities Exchange.
At the time of his appointment as Chairman, Safaricom had a small customer base of 6 million, 1,000 employees, and only 8 shops across the country. Today, the company serves over 35.6 million customers, with a staff force of over 6,500 employees and hundreds of service desks across the country.
Mr. Nganga oversaw the rapid development of Safaricom's network, including the upgrading of 3G services in 2007 at a cost of KES 1 billion. In his last financial year as Chairman, the company invested KES 36 billion to expand its network coverage, with 4G coverage now reaching over 77% of the population and 3G coverage at 94%.
Mr. Nganga expressed his gratitude for the opportunity to serve the company and its shareholders, and praised Michael Joseph for his skills and energy. He also highlighted the company's commitment to supporting Small and Medium-Sized Enterprises, with the dividend payout expected to provide a much-needed boost to their businesses during the COVID-19 pandemic period.
