Safaricom Board Chairman Arshed Khawaja has downplayed speculation that the telco’s Chief Executive Officer (CEO) Peter Ndegwa is about to leave.
While rubbishing the claims, Khawaja confirmed that the Board is fully behind the management of the telecommunications firm.
Speculation has milled around about the impending exit of the current CEO.
“I know this has played on the minds of many people and many of Twitter warriors have been asking what is happening with the CEO. Well, the CEO is sitting by me. So, he is here to stay. His contract ordinarily according to the Twitter fellows should have ended in March. He is here. That’s not true….We are happy,” Khawaja said.
“The entire management team that was here in January are still here and are working very very hard and they have the full support of the Board,” he added.
In March this year, Ndegwa also termed the speculation “rumors” as he marked his three-year stay at the telco, which is the minimum term issued to the office occupier.
The CEO, however, said that his term is not tied to a time limit like that of his predecessors, such as Michael Joseph and the late Bob Collymore.
“It is very important that an organization like ours has stability because if you keep making disruptions you are not going to fulfill you strategy and you midterm goals,” Khawaja said.
“So, I want to confirm to you that there is stability. We support the management. We are pushing them very hard to achieve on the strategy and goals we have set not only for this financial year but for two after,” he added.
Khawaja spoke during the release of the telco’s full year financial results in Nairobi.
In the full year ending March 31, 2023, its net profit dropped by Sh15 billion, weighed down by high inflationary pressure as well as a drop in voice earnings.
Its net profit dropped to Sh52.5 billion from Sh67.5 billion during a similar period last year.