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NEWS & CURRENT AFFAIRS

The Nairobian

Safaricom CFO heads to Vodafone

Business

By Frankline Sunday | Jun 11, 2020

Safaricom Chief Financial Officer Sateesh Kamath has left his position to take up a new role in parent company Vodafone.

He will begin his assignment next month.

In a statement released yesterday, Safaricom said Mr Kamath will be moving to the role of Chief Financial Officer (CFO) at Vodafone Business.

“He will be reporting to Vinod Kumar, Chief Executive Officer Vodafone Business and he will become a member of Vodafone Group Finance leadership team,” said Safaricom in the statement signed by CEO Peter Ndegwa.

Kamath was instrumental in delivering much of Safaricom’s success. "He is credited with, among other achievements, helping to build Safaricom shareholders’ value by 50 per cent to Sh1.2 trillion and improving business performance through Fit-for-Future initiatives,” the statement further said.

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Kamath also played a key role in acquisition of M-Pesa Joint Venture from Vodafone, and also the purchase of critical spectrum.

Appointed CFO in 2016 to replace John Tombleson, Kamath's exit marks the second high-profile boardroom change at one of the region’s largest company by profits.

His exit comes at a time when Safaricom is anticipating launching M-Pesa in other African countries, as well as launching a unit trust investment product which is expected to be a game changer in the financial sector.

With the global outbreak of coronavirus, the company has enjoyed robust growth on its mobile money and data divisions with people working remotely.