Advisory News

Safaricom announces new CEO

Peter Ndegwa has been unveiled as the new CEO of Safaricom and becomes the first Kenyan to run the leading Kenyan telco.

Mr Ndegwa, the former Managing Director of Diageo Continental Europe officially takes over from founding CEO Michael Joseph, who has been the acting CEO since Bob Collymore’s death last year.

The 51-year-old incoming CEO will be taking over the most profitable company in East and Central Africa at a time when businesses have been hard hit by the coronavirus global pandemic.

Mr Joseph confirmed that Mr Ndegwa would take charge under his guidance for the next few months, even as the company struggles with economic flows brought about by Covid-19 pandemic.

“I will be with him for the next few months guiding him through. It is a slow process, but he understands the company well,” said Mr Joesph.

He added that Ndegwa has been participating in Safaricom’s meetings and engaging the board for the last two months ahead of his official duties.

He takes over the reins of a dominant telco, with its M-Pesa platform recording the highest market share of 98.8 percent in the second quarter of the 2019-20 financial year according to data by the Kenya Communications Authority.

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