Econet CEO Foley resigns

February 3, 2009
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, NAIROBI, Kenya, Feb 3 – The Chief Executive Officer of mobile telephone services network Econet Wireless Kenya, Michael Foley, has resigned.

A brief statement from the company, which operates under the brand name ‘yu’ said on Tuesday that Mr Foley quit due to personal reasons.

“Mobile telephone services network ‘yu‘ has announced a change within its top management. Michael Foley has resigned as the CEO due to personal reasons,” the statement read.

The company, which was the fourth mobile operator to enter the Kenyan market also announced that ‘yu’ Resident Director Srinivasa Iyengar would take over from Mr Foley, who was appointed in June 2008 by Econet’s parent company Essar Communications Holdings Limited.

Essar Communications Holdings is the telecom subsidiary of Essar Global, which is involved in the manufacturing and services sectors of steel, energy, power, communications, shipping ports and logistics.

Johannesburg-based Econet Wireless International owns 70 percent of Econet Wireless Kenya, while Essar Communications Holdings owns 49 percent of Econet Wireless International and by extension, management rights to Econet Wireless Kenya.

Mr Foley was overseeing the group\’s telecom investments and operations in the East Africa region and the rolling out of the ‘yu’ brand in Kenya.

The GSM network service ‘yu’ was unveiled in Nairobi last November with a promise to present subscribers with reliable, efficient and affordable mobile phone services, as well as effectively contributing to the information and technological revolution in the country.

Under his watch, Econet saw many subscribers joining the ‘yu’ network while about 250,000 potential customers signed up within three hours of the activation of its online reservation on the web portal www.yu.co.ke.

The network service operates under the 0750, 0751, and 0752 prefix numbers.

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