The newly appointed Safaricom CEO Michael Ndegwa on Tuesday
assumed office despite being in self-quarantine, after jetting back to the
country from Tanzania.
Acting CEO Michael Joseph confirmed on Tuesday that Mr.
Ndegwa will take charge under his guidance for the next few months, even as the
company struggles with economic flows brought about by COVID-19 pandemic.
“I will be with him for the next few months guiding him
through. It is a slow process, but he understands the company well,” said the
outgoing CEO.
Joseph added that Ndegwa has been participating in
Safaricom’s meetings and engaging the board for the last two months ahead of
his official duties.
Mr. Ndegwa becomes the first Kenyan to take over from the
telco CEO Michael Joseph.
Joseph took over the company in an acting capacity in July
2019, following the death of former CEO Bob Collymore.
Mr. Ndegwa was appointed by Safaricom board of directors in
October 2019, with his term scheduled to commence today (April 1, 2020).
He joins Safaricom from Diageo PLC, where he was the
managing director of Diageo Continental Europe.
The telco on Tuesday bounced back to its over Sh1 trillion
market capitalization on the NSE as investors anticipated the change of guard.
The company had earlier moved 13.08 million shares valued at
Sh1.06 trillion by 2pm, with share price strengthening towards Sh26.50 from Sh26
on Monday.
Discussion about this post