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

Story

Africa can leverage GenAI for economic growth – Microsoft

A whitepaper on generative artificial intelligence (GenAI) and the future of work has found that the African continent, with its young population, can leverage AI to drive economic growth.

Registration opens for Africa Tech Festival 2024

Registration has opened for the 2024 edition of Africa Tech Festival, the continent's leading platform for technology innovators, specialists and thought leaders.

More Innovation hub

Latest video

More videos

Partner perspectives

All Partner Perspectives

Sponsored video

More videos

Follow us on X

Industry announcements

More Industry announcements

Upcoming events

Cyber Revolution Summit
August 9, 2024
Gaborone, Botswana
Africa Tech Festival 2024
November 11-14, 2024
Cape Town, South Africa
More Upcoming events

Africa Tech Perspectives

Story

Uber's Marjorie Saint-Lot on inclusion and sustainability in Africa

Uber's Country Manager for Ghana and Cote d'Ivoire, Marjorie Saint-Lot, shares how the ride-hailing company is approaching public-private partnerships, environmentally friendly initiatives and gender inclusion in Africa.

Story

The 100 most influential African leaders in 2023

A new report from Africa Tech Festival and Connecting Africa puts a spotlight on the top 100 African leaders in the telecoms and technology sector in 2023.

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.

More Africa Tech perspectives

Guest Perspectives

Story

How e-mobility could transform Africa's transport sector

By Francis Hook

ICT analyst Francis Hook delves into Africa's e-mobility sector and unpacks the challenges faced locally and the benefits the move to electric vehicles could bring to urban transport systems.

Story

Omdia View: April 2024

By Omdia Analysts

April 2024's telecoms highlights in the Middle East and Africa included a license for Starlink in Ghana, new mobile termination rates in Ethiopia, and 6G trials in Bahrain – that and more in the latest Omdia View.

More Guest Perspectives

Like us on Facebook

Newsletter Sign Up


Sign Up
Tag id test-002