Login

Lost your password?

Sign Up

Register

Login

Login

Lost your password?

Register

Sunday, August 14, 2022
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion

Africa's
Investment
Gateway

The Exchange
  • Login
  • Register
Subscribe
This Month's Edition
Previous Editions
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
No Result
View All Result
The Exchange
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
No Result
View All Result
The Exchange
LOGIN
www.theexchange.africa

John Ngumi (l) and Michael Joseph (r). Photos: Courtesy.

Kenya: Safaricom appoints John Ngumi as Chairman as Michael Joseph exits

The company unveiled Ngumi as the new chair who would take over from Michael Joseph, who took up the position in 2020

by Wanjiku Njugunah
August 3, 2022
in Business, Industry and Trade, Investing
0
Share on FacebookShare on LinkedIn
  • Safaricom has appointed investment banker John Ngumi as their new chairman, effective August 1, 2022
  • The company unveiled Ngumi as the new chair who would take over from Michael Joseph, who took up the position in 2020
  • Ngumi has had a 35-year banking career, having worked with local and international corporates with an East African regional presence, state-owned enterprises, sovereigns, and financial services grasps

Safaricom, Kenya’s biggest telecommunications company, has appointed investment banker John Ngumi as their new chairman, effective August 1, 2022.

On Friday, July 29, 2022, Safaricom unveiled Ngumi as the new chair who would take over from Michael Joseph, who took up the position in 2020.

Joseph took the job after Safaricom’s long-serving chairman Nicholas Ng’ang’a retired in 2020.

In a statement sent to The Exchange Africa, Safaricom said the incoming Chairman has had a 35-year banking career, having worked with local and international corporates with an East African regional presence, state-owned enterprises, sovereigns, and financial services grasps.

Safaricom described Ngumi as a seasoned director who had drawn his experience in both private and state-owned enterprises.

Ngumi had been the first Board Chairman at Konza Technopolis Development Authority. He is also an active and effective board Chair at Kenya Pipeline Company Limited.

The new chair had also served on the board of Kenya Airways PLC, and is also serving as the board chair at the Industrial and Commercial Development Corporation (ICDC), which is leading the effort to implement the Kenya Transport and logistics Network that encompasses the Kenya ports Authority, Kenya Pipeline Company Limited and Kenya Railways Corporation.

Safaricom appoints John Ngumi as Chairman
Safaricom has appointed investment banker John Ngumi as their new chairman, effective August 1, 2022.

“In March 2021, John was appointed Chair of a Presidential Taskforce on Power Purchase Agreements (PPAs) to review Power Purchase Agreements (PPAs) between the Kenya Power Lighting Company PLC and Independent Power Producers (IPPs), following a sustained public outcry that PPAs were skewed against KPLC, leading to unsustainably high consumer power tariffs,” Safaricom said.

“The Taskforce reported back to President Uhuru Kenyatta in September 2021 with a raft of wide-ranging and radical recommendations. Thereafter, the President appointed John as the Chair of the Steering Committee, overseeing the implementation of these recommendations. This Committee submitted its report at the end of June 2022. Currently, John is currently chairing the government team negotiating with IPPs on tariffs.”

Michael Joseph, former Safaricom boss, nominated to be KQ’s new board member

Joseph’s impact 

The entry of Ngumi puts to an end the era of Joseph in top leadership.

Joseph was the first Safaricom CEO from July 2000, when the company was re-launched as a joint venture between Vodafone UK and Telkom Kenya, until his retirement in November 2010.

He then took over as a caretaker CEO after the death of Bob Collymore in 2019.

During his tenure, Joseph steered the company from a subscriber base of less than 20,000 to over 16.71 million subscribers.

In his exit statement, Joseph said that he wanted to devote more time to supporting Safaricom’s investment in Ethiopia and relinquishing the role of Chairman allows him the flexibility and freedom to undertake this important role on behalf of Safaricom.

“This will also allow me to devote more time to Kenya Airways during this critical time to ensure that we continue the work of restructuring and refinancing for KQ to remain on the journey towards profitability in the next two years,” he said.

He added that it was also important that he continue to play a role in creating the Pan African Airlines Group which is important for the African continent to ensure connectivity as well as reliable and affordable air transport.

“While there is indeed a right time in any man or woman’s life to take a step back from the business and devote more time to enjoying life, in my case, this will probably not happen yet as I will continue to take part in other interesting business opportunities available.”

Joseph further revealed that he would remain as a Director on the Board, subject to approval, for the next few years to continue advising and supporting the Company generally through this transition.

He said he would also continue to support the Board to drive the Company’s strategic agenda as well as to provide continuity and transition guidance to their new Chairman.

Kenya Airways shares tick up as Michael Joseph appointed new chairman

Tags: FeaturedKenyaSafaricomSafaricom chairman

STATE OF ECONOMY - GET THE REPORT

ASSESSING EAST AFRICA

Loading...

Wanjiku Njugunah

Wanjiku Njuguna is a Kenyan-based business reporter with experience of more than eight years.

Related Posts

Zimbabwe’s central bank unveiled the first images of gold coins it hopes will help solve its inflation problem. www.theexchange.africa
Investing

Reserve bank of Zimbabwe to release smaller gold coins in November

August 14, 2022
The Kenyan stock market resumed Wednesday following the General Election break with a $268 million gain. www.theexchange.africa
Business

Kenya’s stock market is up $268 million amid a close presidential contest

August 13, 2022
Kakuzi, a listed Kenyan agri-business, has partnered with marketing firm Driscoll's to launch a blueberry export plan
Business

Kenya: Kakuzi signs new blueberry export plan with Driscoll’s

August 13, 2022
Next Post
Kakuzi. Photo: Kakuzi.

Boost to Kenya's exports as Kakuzi starts selling Avocado to China

Delta comes out supreme in the 2022 Top Company survey following a similarly rigorous exercise of quantitative and qualitative evaluation factors. (Photo/ Daily News)

Financial Gazette, Old Mutual Zimbabwe’s top companies

CBK warns Kenyans against dealing with Flutterwave, Chipper Cash

Please login to join discussion




This months edition

Features

The leaders of the BRICS nations meet at the group’s summit in Osaka in June 2019. Concerns are India might pull out of the group over tensions with China. (Photo/ Reuters)
Countries

What does Russia’s invasion of Ukraine mean for Southern Africa?

by Albert Nangara
August 3, 2022
0

When the United Nations General Assembly voted overwhelmingly on March 2 to condemn Russia’s invasion of Ukraine, African countries accounted...

Read more
Logistics and transport startups will play a major role in enabling Africa’s largest free-trade area (Photo/ Quartz Africa)
Industry and Trade

Trends shaping the future of logistics in African markets

by Albert Nangara
August 3, 2022
0

Digitization of logistics and compliance with sustainability policies will shape the future of logistics in African markets. Digitalization involves the...

Read more
Biometric systems are expected to lead the market for airport security systems in growth over the next five years, as the market increases at an 8 per cent CAGR through 2024 (Photo/ Biometric Updates).
Tech & Business

Machine learning, Artificial Intelligence changing Africa’s Airports

by Albert Nangara
August 2, 2022
0

According to Frontiers, AI has been recognized to have a wide potential to reduce human workload or increase human capabilities...

Read more
www.theexchange.africa/
Investing

ESG global mining and the social license

by Laurence Sithole
August 2, 2022
0

In terms of achieving net zero carbon emissions, the largest mining companies in the world have several options – each...

Read more
Some of the group members learning the components of the new briquette making machine. The machine can produce 500 briquettes per day. www.theexchange.africa
Investing

Reusable, organic charcoal: Answer to Africa’s cooking fuel challenges

by Njenga Hakeenah
August 2, 2022
0

United for Green is working to ensure that Africans do not get to these extremes. By empowering women, the plan...

Read more

News

Banking
Industry & Trade
Investing
Money Deals
Regional Markets
Tech & Biz
Opinion

Countries

Kenya
Tanzania
Uganda
Burundi
Rwanda
Southern Africa
Ethiopia

More

My Account
Contact us
Advertise
About us
Help Center

Subscribers Center

E-paper
Premium Stories
Education Rates
Corporate Subscriptions
Weekely Newsletter

  • My account
  • About us
  • Advertise
  • Contact
  • Privacy Policy
  • Refund Policy – The Exchange
  • Sitemap

No Result
View All Result
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
  • Login
  • Sign Up
  • Cart

© 2021 The Exchange - Powered by MediapixManaged by Supported by Digihandler,

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In