Former Safaricom Board Chairman Michael Joseph has disclosed why he stepped down from his role in the giant telecommunications company.
In a statement on Friday, Joseph noted that he wanted more freedom and flexibility to support the company’s investment in Ethiopia.
He mentioned that stepping down from the role of chairman allowed him more time to focus on the new role he was to undertake.
"I want to devote more time to supporting Safaricom's investment in Ethiopia and relinquishing the role of Chairman allows me the flexibility and freedom to undertake this important role on behalf of Safaricom," the former Safaricom CEO stated.
He added that before he made the decision, he consulted widely among the company’s stakeholders as well as the company's CEO Peter Ndegwa.
He further said that his move would allow him more time to work on restructuring and refinancing Kenya Airways.
Safaricom on Friday, July 29, announced the appointment of John Ngumi as the new director and also chairman of the firm's board replacing Michael Joseph.
"Mr. Ngumi is one of Kenya’s most celebrated bankers. During a 35-year banking career, he established himself as East Africa’s foremost corporate and investment banker, working with local and international/ global corporates that have an East African regional presence, state-owned enterprises, sovereigns, and financial services, groups.
"He is a seasoned director having drawn his experience in both private companies and state-owned enterprises. For the latter, he is best known as the inaugural Board Chair at Konza Technopolis Development Authority and as an extremely active and effective Board Chair at Kenya Pipeline Company Limited," part of the statement read.