Peter Ndegwa, appointed as Safaricom incoming CEO, will become the first Kenyan at that position
On Thursday, October 24, 2019, evening, through a press release signed by the Chairman of the board, the board of directors of Safaricom PLC confirmed that it had settled for Mr. Peter Ndegwa, a technocrat with more than 25 years’ experience in various business areas, as the CEO to take office from April 1, 2020.
The largest telecommunications services provider in Kenya & top ranked firm in Africa
Safaricom PLC is the largest telecommunications services provider in Kenya, which is also ranked among the 100 largest firms or businesses in Africa, has over the years recorded continuous growth in its revenues and profitability driven by continuous innovation and release of new and exciting products in to the market.
Safaricom is notably home to M-Pesa, one of the most successful and globally acclaimed mobile money wallet and transfer services. It is the market leader in different categories in which it operates, notably controlling more than 60% of the telecommunication services industry in the country. It is the largest and most profitable company in Kenya and as described above, indeed a reputable firm across the continent and the world. With revenues in excess of $2 billion, and net income or profits in the excess of $0.5 billion, it is indeed deserving, absolutely so, of the title, the most profitable company in East and Central Africa.
Michael Joseph and Bob Collymore, credited with leading the firm to such levels of success
Michael Joseph, a South African national, and later Bob Collymore, a British national are credited with leading the firm to such levels of success. Michael Joseph was the chief executive officer of Safaricom from inception of the company in the year 2000 to 2010. In 2010, Mr. Joseph went into retirement and handed over the reins to the immediate former CEO, Robert (Bob) Collymore, who served between 2010 and 2019, when he succumbed to cancer. Mr. Joseph was brought back on an interim basis upon the demise of Mr. Collymore
The search and headhunt for a CEO begun in earnest before the demise of Mr. Collymore, who had been battling cancer for more than a year. At one point, there were actual calls for a Kenyan to be given an opportunity to serve the company in that capacity amidst claims that no Kenyan was adequately qualified and experienced to hold the position. In an apparent deviation from the norm, as evidenced in the previous two holders of the position, the board of directors of the company, as per the presser released on October 24, 2019, gave Mr. Ndegwa the nod to pick the reigns from Mr. Joseph, who holds the CEO position in the interim.
Mr. Ndegwa brings in a wealth of experience and impeccable academic and professional credentials, having worked with KPMG, and Diageo, where he has held various positions, including the current position, Managing Director, Diageo Europe, Middle East, and Africa. In what is evidently a vote of confidence in the incoming CEO’s ability to lead the company in the next phase of its growth journey, the board of directors, observed that Mr. Ndegwa has experience in General Management, Commercial and Business Strategy, Sales and Finance Operations in a global setting having held different positions in Africa and Europe.
Ndegwa is expected to start the job on April 1, 202 0. We wish the incoming CEO of the company all the best in this new and challenging role!
Important links: Africa Business Chief; Safaricom; Think Africa
