- Airtel Africa CEO Olusegun Ogunsanya has retired and will be replaced by Sunil Taldar, the new Managing Director and CEO.
- For the six months ending on September 30, the group reported a net loss of $13 million,
- Mittal further announced Ogunsanya’s post-retirement role as the Airtel Africa Charitable Foundation Chair.
Airtel Africa CEO set to retire
Airtel Africa PLC has announced that Chief Executive Officer Olusegun Ogunsanya will retire on 1 July 2024 and take an advisory role.
Ogunsanya, who joined Airtel in 2012, ran the Nigeria Operations of the Telecommunications and Mobile Money Company for nine years before he was appointed Chief Executive Officer of the Group in 2021.
He led the company to maintain double-digit revenue growth and deliver new products to its customers across the continent.
Building on the work undertaken during his time as CEO, including the launch of the Company’s first Sustainability Strategy, and given his deep experience across Africa, Ogunsanya will become the Airtel Africa Charitable Foundation’s inaugural Chair.
The Charitable Foundation will accelerate the Company’s commitment to its sustainability initiatives and charitable operations across its African locations.
Airtel Africa Charity Drive
The Charitable Foundation’s objectives will focus on promoting digital inclusion, financial inclusion, access to education, and environmental protection. This spin-off will be a separate legal entity independent of the Airtel Africa Group.
After retiring from Airtel Africa PLC, Ogunsanya will extend his advisory role to the Chairman, the Airtel Africa Board, and the Chief Executive Officer for 12 months.
In addition, the Company has announced the appointment of Sunil Taldar as the new Managing Director and Chief Executive Officer, succeeding Ogunsanya upon his retirement.
Taldar, who joined Airtel Africa in October 2023 as Director of Transformation, will transition to the CEO role, collaborating with Ogunsanya.
After a transition period, Taldar is scheduled to join the Board as an Executive Director and assume the CEO role on July 1, 2024. At this point, Ogunsanya will step down from the Board and retire from the Company.
“I am pleased Segun has agreed, following his retirement, to assume the new role as Chair of the Airtel Africa Charitable Foundation, where he will bring his visionary leadership to this new philanthropic initiative to advance development and prosperity across Africa,” said Airtel Africa PLC Chairman, Sunil Bharti Mittal.
Mittal further announced Ogunsanya’s post-retirement role as the Airtel Africa Charitable Foundation Chair.
In a statement, the Board welcomed the appointment of Sunil Taldar as the Group’s next Chief Executive Officer, citing his industry experience, strategic vision, customer focus, and proven track record.
They expressed confidence in Taldar’s ability to lead the Group in its following stages of development.
Ogunsanya, in his statement, reflected on his 12-year career at Airtel Africa, expressing pride in the positive impact the company has had on customers across Africa.
He acknowledged the ongoing transformation and highlighted the opportunity for a leadership transition.
Investment pipeline
The appointment comes when Airtel Africa is set to inject up to $825 million in fresh capital to bolster its African operations, following a net loss of $13 million in the first half of the year.
Significant currency depreciation in Kenya, Tanzania, Zambia, Malawi, and Nigeria adversely affected the telco’s performance.
For the six months ending on September 30, the group reported a net loss of $13 million, a sharp contrast to the $330 million net profit recorded in the same period the previous year.
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This financial setback is compounded by a $550 million debt due for repayment in May 2024.
Despite these challenges, Airtel Africa, listed on both the London Stock Exchange and the Nigerian Stock Exchange, maintains that its strategy for Africa remains unchanged, as indicated in its unaudited financial statements.
In Uganda, Airtel Uganda Ltd struggles to sell 20 per cent of its shares to the public through an initial public offering (IPO) in compliance with a regulatory requirement. The telco has operations in 14 African countries.
