NAIROBI, Kenya, Jun 10 – Safaricom has announced the promotion of its CFO, Sateesh Kamath, to the role of Chief Financial Officer Vodafone Business, effective 1st July 2020.
In a statement, Safaricom’s CEO Peter Ndegwa says Kamath will be reporting into Vinod Kumar, Chief Executive Officer Vodafone Business. He will also become a member of Vodafone Group Finance Leadership Team.
Sateesh joined Safaricom PLC as CFO and Executive Director on the board on 1st August 2016 from Vodacom Tanzania Ltd, where he held a similar position.
According to Ndegwa, Kamath is credited with, among many other achievements, helping to build Safaricom shareholders’ value by 50 percent to Sh1.2 trillion and improving business performance through Fit for Future Initiatives adding 6 percentage points on EBIT margin.
He also played a key role in the completion of the acquisition of M-PESA Joint Venture from
Vodafone and purchase of critical spectrum while ensuring efficient use of company’s funds.
He also assumed broader responsibilities in navigating the company through the phase when Bob Collymore was on medical leave and through transitions thereafter.
“In his four-year tenure, Sateesh built a reputation as an outstanding finance expert in the region, a leader and a mentor, qualities that we at Safaricom have benefitted greatly from and we will deeply miss. He will leave behind a very strong team,” the CEO said.
“We will announce his successor in due course,” Ndegwa said.