Safaricom is looking for a new CFO

Safaricom is in search of a new chief financial officer after announcing that current CFO, Sateesh Kamath, will soon leave the Kenyan telco to become CFO of Vodafone Business.

Kamath joined Safaricom in August 2016 from Vodacom Tanzania, where he held a similar position. As of July 1, 2020, he will move to the Vodafone Business team and will also become a member of the Vodafone Group finance leadership team.

Safaricom said in a statement on Wednesday that it will announce his successor "in due course."

"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," said Safaricom CEO Peter Ndegwa.

Sateesh Kamath will be moving to Vodafone Business on July 1, 2020.

Ndegwa credited Kamath with helping to build Safaricom shareholders' value by 50% to KES1.2 trillion (US$11.3 billion) and improving business performance and the group earnings before interest and tax (EBIT) margin.

Ndegwa said he played a key role in the completion of acquiring the M-Pesa brand from Vodafone, in a joint venture with Vodacom, and the purchase of critical spectrum while ensuring efficient use of company's funds.

Safaricom is 35% owned by South Africa's Vodacom, while Vodafone has a 5% stake in the telco. The Government of Kenya also owns 35% and the remaining 25% is held through free float on the Nairobi Securities Exchange.

Kamath also assumed broader responsibilities in navigating the company through the phase when former CEO Bob Collymore was on medical leave and through transitions after he passed away last year.

— Paula Gilbert, Editor, Connecting Africa