Michael Joseph Appointed New Safaricom Board Chairman
Michael Joseph has been appointed the new Safaricom Board Chairman.
Joseph takes over from the retiring Nicholas Nganga who has served as the board chairman since 2007.
“Mr Nganga joined the board in May 2004 and was elected chairman in January 2007. He has steered the company through various milestones over the 13 years he was at the helm.,” said Safaricom CEO Peter Ndegwa.
Nganga who has led the most profitable in East Africa when the government was starting the process of offering 25 percent of its shares to the public through the Nairobi Securities Exchange in 2008.
“He has managed to grow shareholder value by 607 percent since listing. Safaricom market capitalization at KES 1.075 trillion is worth 50 percent of all the listed firms on NSE,” said Ndegwa.
Joseph acted as Safaricom C.E.O following the demise of Bob Collymore until 1st April when Ndegwa took over.