John Ngumi appointed Safaricom Board Chairman
Kenya’s
banking sector trailblazer John Ngumi has been named Safaricom’s Board Chairman
effective from August 1 replacing the incumbent Michael Joseph.
The
appointment adds to a growing list of roles landed by the career banker who
presently chairs the board of the Industrial and Commercial Development
Corporation (ICDC).
Ngumi
served as the inaugural Board Chair at Konza Technopolis Development Authority
(KOTDA) and has also served as the Board Chair at the Kenya Pipeline Company
Limited (KPC)
Presently,
John Ngumi also sits on the board of Kenya Airways (KQ) as a non-executive
director following an appointment done earlier this month.
He
replaces Michael Joseph who was appointed as Safaricom’s Board Chair in August
2020.
The
exiting Joseph has also served two stints as Safaricom Chief Executive Officer
and was the company’s first CEO serving for a decade between July 2000 and
November 2010.
Michael
Joseph would return to the helm of the telco in July 2019 following the demise
of former CEO Bob Collymore serving until March 31, 2020, when he handed over
leadership to current CEO Peter Ndegwa.
The
end of Michael Joseph’s stint as board Chair seemingly marks his transition
from the company he helped found at the turn of the Century.
Michael
Joseph is currently the Chair of Kenya Airways Board having recently landed a
new three-term that will see him serve until 2025.
The
incoming John Ngumi is credited with a number of key financial transactions in
the region including leading the issuance of Kenya’s first New York Stock
Exchange (NSE) listed bond in 1989.
In
2001, Ngumi was the lead arranger of a Ksh.4 billion Safaricom bond that helped the infant telco finance its infrastructure rollout.
Previously, John Ngumi has worked for leading global banks including Stanbic Bank (formerly Grindlays Bank), Citibank and Barclays.
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