Seven months into the job, Safaricom Chief Executive Peter Ndegwa ( pictured ) still fights to be his own man, and rightly so.
Filling the giant shoes left by the two business titans who shaped the telco into a Sh1.2 trillion corporate behemoth is a tall order. Read More
As he charts his vision for Safaricom, the domineering influences of Michael Joseph and the late Bob Collymore shadow his every move.
“People have asked me, how do you follow MJ (Michael Joseph) and the late Collymore,” said Ndegwa.
“I kind of feel a sense of responsibility, but I also need to be myself. I need to lead as Peter Ndegwa.”
Last week, Safaricom hit 20 years. Ndegwa, who took over the reins in April amid the coronavirus uncertainty, is the man set to define the next chapter for East Africa’s most profitable firm.
But how exactly does he do this in light of what his predecessors achieved?
Ndegwa runs a firm that has since become woven deep into the Kenyan psyche, even forming part of the country’s lingua franca and most aspects of daily life.
There’s a generation that doesn’t remember Kenya without Safaricom.
At Safaricom’s 20th birthday celebrations, with the caution of a keenly watched man, Ndegwa laid out his vision for the firm and offered a glimpse into what the next decade might look like. Interestingly, Safaricom bosses seem to come in decades. Started in 2000, founding boss Joseph left in 2010 and handed over the mantle to the late Collymore.
He, however, came back in July last year as interim chief executive following the death of Collymore after a long battle with cancer.During Joseph’s tenure, he was credited for key innovations such as M-Pesa and oversaw the company’s Initial Public Offer (IPO) when it listed at the Nairobi Securities Exchange (NSE). Many investors expected immediate share price rally, but it took a while before it climbed to Sh30.85 up from the IPO price of Sh5.During Collymore’s “magical decade,” M-Pesa became the backbone of Kenya’s digital economy and the force behind remarkable financial inclusion in the country. Collymore also saw Safaricom cross the 30 millionth customer mark and became the firm’s biggest market capitalisation on the Nairobi Securities Exchange (NSE), becoming more valuable than the top 10 banks combined.It was also an era that saw its share price hit an all-time high of Sh30 since listing in 2008.Joseph is known for his straight-shooting style, while Collymore […]
