Safaricom has appointed Michael Joseph as the next Chairman of company’s Board of Directors following the retirement of current chairman Nicholas Nganga after serving for 16 years on the Board of which he served 13 as chairman.
“It is an honor to serve as the next Chairman of a company that I am passionate about and have been involved with ever since its inception. It is with humility that I take over from Mr. Nganga, whose leadership, wisdom and guidance has led Safaricom to where it is in the 13 years, he has been the Chairman of the Board. As I take up the new role, I am optimistic of the great opportunities ahead to work with the Board, Peter and the entire Safaricom team to continue to transform lives” said Joseph, who has been a non-executive board member since 2008.
Nganga took up the leadership reins at a time when the government was offering 25% of its shares to the public through the Nairobi Securities Exchange in 2008. He has managed to grow shareholder value by 607% of share total shareholder returns since listing. Safaricom market capitalization at KES 1.075 trillion is worth 50% of all the listed firms on the NSE.
At the time of his appointment as Chairman, Safaricom had slightly over 6 million customers, 1,000 employees and only 8 Safaricom shops across the country. As he retires, the company now serves over 35.6 million customers, across 50 shops and hundreds of service desks across the country, with a staff force of over 6,500 employees.
“I am happy that I handover the leadership baton to Michael whose skills and energy I have had the chance to see and appreciate over the years. I am grateful for the opportunity to serve, not just the board but also the shareholders and the company. Throughout the years, I am proud of the numerous moments that I have been involved in, steering and guiding this great organization to the enviable position it is today ” said Nganga.