NAIROBI, Kenya, May 10 – Safaricom’s Board of Directors has extended Chief Executive Officer Bob Collymore’s tenure by two years from August 2017 for steering the firm through difficult times.
Safaricom Chairman Nicholas Ng’ang’a says the board is confident that Collymore will continue to grow shareholders’ wealth and take the company to greater heights.
“Bob has very successfully navigated our company through very difficult times even as he and the management explored new areas of growth and expansion,” Ng’ang’a told investors on Wednesday.
Collymore has been at the helm since 2010 when he took over from Michael Joseph.
During his tenure, he has seen the firm experience growth and developed various innovative services and products that include the M-Shwari mobile banking service together with Commercial Bank of Africa, Lipa na M-PESA payment service for merchants as well as the Okoa Jahazi emergency airtime solution.
He has seen the company move from making a Sh20 billion net profit in 2010 to Sh45 billion in 2017.
“We would like to assure Bob that he has the full support of the board so that we can jointly continue to improve shareholder interest,” Ng’ang’a said.
Safaricom’s contribution to Gross Domestic Product has now hit 6 per cent.
It has net assets worth Sh107 billion as at March 31, 2017.