Safaricom is the largest telecommunications provider in Kenya with a market share of 63.7% as of September 2020 according to the Communications Authority of Kenya
In the 2020/2021 financial year ending March 2021, the telco’s profits dropped by 6.8% to KSh 68.68 billion
Despite the loss, its chair Michael Joseph who temporarily acted as CEO received a bonus of KSh 127.5 million
The telco pays its non-executive directors KSh 2.2 million annually
Safaricom is the largest telecommunications firm in Kenya. Safaricom chief executive officer Peter Ndegwa. Photo: Safaricom PLC. Source: Facebook According to the Communications Authority of Kenya, the telco had a market share of 63.7% as of September 2020.
In the 2020/2021 financial year ending March 2021, the telco’s profits dropped by 6.8% to KSh 68.68 billion.
Safaricom chairperson, Michael Joseph attributed the loss to COVID-19 disruptions.
Do you have a groundbreaking story you would like us to publish? Please reach us through news@tuko.co.ke or WhatsApp: 0732482690. What did Michael Joseph earn?
Despite the loss , Joseph received a bonus of KSh 127.5 million during the period under review.
The Safaricom founding chief executive officer (CEO) was also paid KSh 6.3 million for his position as chairman and non-executive director.
This took his total pay for the period under review to KSh 133.8 million, Business Daily reported.Joseph temporarily acted as the telco’s CEO from July 2010 to April 2020 after the death of Bob Collymore.He handed over to Peter Ndegwa, the first Kenyan to hold the role since its inception.The soft spoken 75-year-old replaced Nicholas Ng’ang’a as chairperson in August 2020.As chair, Joseph is entitled to a sitting allowance of KSh 85,000 per session. Safaricom board of directors pay The telco pays its non-executive directors KSh 2.2 million annually according to Business Insider. They take home a sitting allowance of KSh 60,000 per meeting while a person chairing a board committee in the absence of the chairperson earns KSh 74,150 per session. Peter Ndegwa Peter Ndegwa, the former managing director of Diageo International Europe, officially took over the position of the chief executive officer at Safaricom, East Africa’s most profitable company, in April 2020.Ndegwa was paid KSh 201.5 million in his first full year as Safaricom boss including a KSh 90 million bonus. Dilip Pal Pal is the alternate director to CEO.He received a bonus of KSh 20 million in the year ended March. Kathryne Maundu She serves […]
