The newly appointed Safaricom CEO Michael Ndegwa on Tuesday assumed office despite being in self-quarantine, after jetting back to the country from Tanzania.
Acting CEO Michael Joseph confirmed on Tuesday that Mr. Ndegwa will take charge under his guidance for the next few months, even as the company struggles with economic flows brought about by COVID-19 pandemic.
“I will be with him for the next few months guiding him through. It is a slow process, but he understands the company well,” said the outgoing CEO.
Joseph added that Ndegwa has been participating in Safaricom’s meetings and engaging the board for the last two months ahead of his official duties.
Mr. Ndegwa becomes the first Kenyan to take over from the telco CEO Michael Joseph.
Joseph took over the company in an acting capacity in July 2019, following the death of former CEO Bob Collymore.
Mr. Ndegwa was appointed by Safaricom board of directors in October 2019, with his term scheduled to commence today (April 1, 2020).
He joins Safaricom from Diageo PLC, where he was the managing director of Diageo Continental Europe.
The telco on Tuesday bounced back to its over Sh1 trillion market capitalization on the NSE as investors anticipated the change of guard.
The company had earlier moved 13.08 million shares valued at Sh1.06 trillion by 2pm, with share price strengthening towards Sh26.50 from Sh26 on Monday.