Safaricom Chief Executive Bob Collymore to Step Down in August
Kenya’s largest telecom operator Safaricom Limited (NSE: SCOM) Chief Executive Officer Bob Collymore will step down from his post in August. According to Reuters, this is ‘for health reasons’.
Collymore told Reuters “I have every confidence that whether I’m here or not, that this company will run … This is an institution. It is not a company which is just run by a single person.”
On Tuesday, the Safaricom PLC Board said they have not made any decision who will replace on Bob Collymore.
“This will be subject of deliberation by the Board and once a decision is made it will be communicated at the appropriate time,” Chairman Nicholas Ng’anga said in a statement on Tuesday.
Ng’anga said the Board has in place a robust recruitment process that adheres to global best practice in identifying and appointing our senior leadership team.
Our Position Statement on the media report on our CEO. pic.twitter.com/bTTrwKaFfg
— Safaricom PLC (@SafaricomPLC) April 30, 2019
During his tenure, Safaricom’s share price has increased by more than 400% to Ksh28.00.
In an interview with the Africa Report, the outgoing CEO said the telco expects its next chief executive to have strategic power mergers & acquisitions (M&A) skills and a deep understanding of the financial services sector. To offer the telco opportunities to expand and solidify their businesses in the new economy.
The telco will announce its full-year performance for the 2018/2019 financial year Friday.
It recorded a 20.2% growth in net profit to Ksh 31.5 billion for the six months ended September 30 (2018/2019) on the back of a strong performance in mobile money M-Pesa and data.
(updates from paragraph 3 )