Safaricom has named its former CEO Michael Joseph as the new board chairman following the retirement of Nicholas Nganga. Joseph’s appointment will take effect on 1 August, taking over from Nicholas who led the board for the past 13 years. Michael Joseph is taking over the position with a mandate to improve customer sentiment, drive greater brand consideration and boost the company’s digital transformation agenda.
Michael Joseph is not new to Safaricom. Besides being the company’s former CEO, he has been a member of the company’s board since 2008. Speaking on his appointment, Company CEO Peter Ndegwa said:
“He brings a wealth of skills and industry knowledge, given his contribution to the growth of Safaricom from very humble beginnings to becoming one of the most innovative, influential companies in the East African region.”
Michael Joseph has Big Shoes to Fill.
The outgoing Chairman left a track record in shareholder value, customer growth, and purposeful transformation. Nicholas Nganga steered the board and managed to grow the company’s shareholder value by 607%, driving Safaricom’s market capitalization to KSh1.075 trillion. The telecommunications company now accounts for half of the value of all listed firms on the Nairobi bourse.
Further, during Nganga’s tenure, Safaricom grew its customer base from approximately 6 million to over 35.6 million. The company also increased the presence of its shops from 8 shops to 50 shops countrywide.
Nganga led the board through the company’s 3G upgrade and set aside frameworks for national 4G coverage which will cost KSh 36 billion over the next five years. He also made a remarkable contribution in improving gender distribution both at management and staff level, as well as putting Safaricom on the global limelight for its commitment to Sustainable Development Goals.