Kenya’s top telecommunications company expects a new CEO in six weeks according to information published on Bloomberg. It follows a rigorous selection process that saw 40 applicants trimmed down to 8 candidates.
Safaricom’s current CEO Bob Collymore has served in the role for nine years, and his contract ends in August 2019. The company’s board chair Nicholas Ng’ang’ a said that they are yet to pick a successor for Mr. Collymore.
The company is expected to release its 2019 financial results on Friday, 3rd May. In the last fiscal year, Safaricom made KSh55 billion in net profit, the highest profit recorded by a listed company. Analysts expect higher earnings from the Telco in 2019. Last month, Citi research predicted an 11 per cent jump in net profit to KSh61.2billion.
Since the start of the year, Safaricom’s share price has gained approximately 26.5 per cent in value. As of 30th April 2019, the stock traded at an average price of KSh28.15 per share.
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