Connecting Africa is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.

Investment

Former CEO Michael Joseph back as Safaricom chairman

Article Image
Former Safaricom CEO Michael Joseph is taking over as chairman of the Kenyan operator's board after the company on Thursday announced that long-serving chairman Nicholas Nganga would be retiring at the end of the month.

Joseph was Safaricom's founding CEO and served in the role for ten years before retiring in November 2010. He stepped back in to lead the telco when CEO Bob Collymore passed away in July 2019. Safaricom's newest CEO, Peter Ndegwa, officially took over on April 1, 2020.

Safaricom is Kenya's leading mobile operator with over 35.6 million customers and a market share of 66%.

Outgoing chairman Nicholas Nganga and incoming chairman Michael Joseph.
Outgoing chairman Nicholas Nganga and incoming chairman Michael Joseph.

Nganga has had a successful tenure at the telco and has served on the Safaricom board for 16 years, 13 of which as chairman. He took up the reins at a time when the government was starting the process of offering 25% of its shares in the company to the public through the Nairobi Securities Exchange (NSE) back in 2008.

The group said he had managed to grow shareholder value by 607% since listing and that Safaricom's market capitalization of 1.075 trillion Kenyan shillings ($10 billion) is now worth 50% of all the listed firms on the NSE.

At the time of his appointment as chairman, Safaricom only had around 6 million customers, 1,000 employees and just eight Safaricom shops across the country. Nganga retires from the telco that now serves almost six times as many customers across 50 shops and hundreds of service desks throughout the country, with a workforce of over 6,500.

Joseph has been a non-executive board member since 2008 and will take over as chairman on August 1, 2020.

South Africa's Vodacom owns a 35% stake in Safaricom, the Kenyan government another 35%, while 25% is traded on the NSE and the Vodafone Group owns a further 5%.

— Paula Gilbert, Editor, Connecting Africa

Innovation hub

Video

Interview: Qualcomm execs on mentorship for African startups

Qualcomm Technology VP for Engineering, Sudeepto Roy, and Elizabeth Migwalla, VP for Government Affairs, join Connecting Africa for a video interview about Qualcomm's Make in Africa Mentorship Program.

Story

Hot startup of the month: Pan-African fintech KamaPay

This month's hot startup is pan-African fintech KamaPay, which helps individuals and businesses make cross-border payments on the continent.

More Innovation hub

Latest video

More videos

Sponsored video

More videos

Industry announcements

More Industry announcements

Flash poll

All polls

Africa Tech Perspectives

Story

Deep dive into East Africa's tech startup ecosystem

New survey reveals a lack of access to investors, reliance on international VCs and global recession trends as the biggest barriers for East African tech startups to access funds.

Story

Challenges and opportunities for women's tech careers

A new survey reveals that COVID-19, the cost-of-living crisis, skills shortages and a lack of mentorship have negatively affected women's career development over the past two years.

Story

Survey: Opportunities for Women in Tech

Take our new survey for women across Asia, Europe and Africa looking at the biggest challenges and opportunities for women-led enterprises and trends in tech careers for women.

More AfricaCom perspectives

Upcoming events

London Tech Week
June 13-16, 2023
Queen Elizabeth II Centre, Broad Sanctuary, London SW1P 3EE
Cybertech Africa 2023
August 1-2, 2023
Kigali Convention Center, Kigali, Rwanda
Africa Tech Festival, Home of AfricaCom and AfricaTech
November 13-16, 2023
CTICC, Cape Town
More Upcoming events

Guest Perspectives

Story

Omdia View: February 2023

By Omdia Analysts

In February 2023 key events in the Middle East and Africa included a major Internet project for Africa's underserved by Liquid Intelligent Technologies and Microsoft as well as a 5G launch in Tanzania – that and more in this month's Omdia View.

Story

Omdia View: July 2022

By Omdia Analysts

Kenya and Zambia move towards 5G with new spectrum allocations while Tunisie Telecom plans to shut down its 3G network - that and more in this month's Omdia View.

More Guest Perspectives

Partner perspectives

All Partner Perspectives

Like us on Facebook

Newsletter Sign Up


Sign Up