Safaricom CEO Peter Ndegwa has dismissed ongoing rumours about his potential departure from the company as he celebrates his third anniversary in the role.
The board typically mandates a minimum tenure of three years for executives in the corner office, a policy that applied to Peter Ndegwa’s predecessors, both of whom were expatriates: Michael Joseph and the late Bob Collymore.
However, Ndegwa stated in an interview with the Business Daily that his employment agreement with Safaricom is not tied to the three-year cycle.
Despite being the focus of recent speculation amid a tumultuous period for the company, Ndegwa, a seasoned manager with a 25-year track record as a turnaround specialist, expressed confidence in his future with Safaricom and declined to engage in the debate.
He dismissed the chatter as a “distracting noise” and highlighted his successful track record in meeting the board’s targets for the firm.
The right position is that, unlike my two predecessors who came in as expatriates, I am a Kenyan and so the issue of contract didn’t have to apply. So, when I was joining, we sat with the Board of Directors and agreed on a number of deliverables against which they would track my performance.
Peter Ndegwa – Safaricom CEO
He stated that his performance at Safaricom would be judged against this foundation and confidently declared that he had accomplished those significant objectives during the previous two years.
He also affirmed that he anticipates meeting these standards once again as they conclude the current fiscal year; therefore, there should be no doubt about the continuity of his position.
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