More than half of Safaricom’s executives have quit the telco over the past two years; allowing CEO Peter Ndegwa who replaced Bob Collymore in April 2020 to build his own team.
Eight executives occupying the 11 C-suite seats at Safaricom have left during the period under review for roles outside the firm or at British Vodafone and South Africa’s Vodacom; which have a combined 40 percent stake in the Kenyan company.
This has allowed the firm to tap new skills in Kenya’s evolving telecoms market; and shape the management in line with Mr Ndegwa’s strategy that seeks to maintain Safaricom’s profit trajectory. The changes in the corner office come at a time. Safaricom’s mobile money platform M-Pesa has overtaken voice to become the biggest revenue earner for the company; underlining the growth of the financial service that was launched in 2007.
Safaricom is seeking regulatory approvals to launch insurance, unit trust and savings products as it races for a larger piece of the financial services market and taps more earnings from mobile money platform M-Pesa.