Change Of Guard As Ng’ang’a Exists Safaricom After 16 Years
Long-serving Safaricom chairperson Nicholas Nganga has exited the telco giant while at the same time seeing the appointment of a familiar face, Michael Joseph, as the new Chairman of the Board with effect from 1st August 2020.
In the announcement made by the company’s CEO Peter Ndegwa, Joseph takes over from Nicholas Ng’ang’a who has been the chairman of the board since January 2007 having joined the Board in May 2004.
During the tenure, he steered the company through various milestones over the 13 years he was at the helm being instrumental for the monumental growth that the telco has experienced.
It was during this period when he took up the leadership reins when the government was starting the process of offering 25% of its shares to the public through the Nairobi Securities Exchange in 2008.
Over the years, the telco giant has managed to grow shareholder value by 607% since listing with a market capitalization value at KES 1.075 trillion, which is 50% of all the listed firms on the NSE.
His astronomical leadership has seen Safaricom, which had slightly over 6 million customers, 1,000 employees and only 8 Safaricom shops across the country, grow to 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.
He led the board in overseeing the rapid network development in the country, having started with 3G upgrading on his appointment at a cost of Kshs 1B. In his last financial year as chairman, Safaricom announced investment of Kshs 36B to expand its network coverage.
Safaricom has been recognized globally in various forums, key amongst them being identified as a Global compact Lead organization for its commitment to United Nations Global Compact and principles for responsible business.
In 2016, Safaricom began the process of integrating 9 of the 17 United Nations Sustainable Development Goals into its business operations and the sustainability framework is now anchored around the SDGs.
M-PESA has over the years been recognized as one of the Top 10 Most Influential Finance Projects of the last 50 years by Project Management Institute (PMI) in its 2019 Most Influential Projects list.
In addition, Safaricom has been honoured and awarded by various organizations as employer of choice and amongst the top organizations in Africa.
Mr. Nganga has led the organization in line with its purpose to ‘Transform Lives’. Together with the Board, he was instrumental in helping the quick adoption of this purpose across all of Safaricom.
Through the United Nations Sustainable Development Goals (SDGs), the company has been committed in delivering connectivity and innovative products and services that will provide unmatched solutions to meet the needs of Kenyans by enabling access through its technologies and partners and by exploring opportunities in Health, Education and Energy.