Bob Collymore gets two more years at Safaricom

Safaricom’s board has extended CEO Bob Collymore’s contract for two years.

Bob Collymore’s contract was due to expire in August this year. This is the second time his stay at Safaricom, the region’s most profitable company, is being extended. In 2015, he was given another two years at the expiry of his five-year contract.

See Also: Bob Collymore on the future of M-Pesa

The latest extension means Collymore will run Safaricom until August 2019.

Safaricom Chairman Nicholas Ng’ang’a said the board made the decision to let Collymore continue steering the company’s growth. “He has successfully navigated the company through very difficult times,” Ng’ang’a said on Thursday morning when the company announced its 2016 financial results.

Mr Collymore joined Safaricom as CEO in August 2010 from UK’s Vodafone, which controls 40 per cent stake in Safaricom. He replaced Michael Joseph, who had served as CEO for 10 years, between 2000 and 2010.

READ: Bob Collymore’s shocking salary at Safaricom

Under Mr Collymore, Safaricom has taken a new innovation direction, introducing new products around mobile money transfer and making M-Pesa Safaricom’s flagship product and a significant revenue earner.

He has managed to sustain revenue and profitability growth at Safaricom, proving his critics wrong. Mr Collymore was perhaps the stabilizing factor that Safaricom needed after blazing growth at Safaricom.

Currently Safaricom is a market leader in both voice and data, controlling over 70% of market share, followed at a distance by Airtel Kenya. According to Communications Authority figures for the last quarter of 2016, Safaricom’s market share hit 71.2%.

NEXT: Collymore caught up in a web of fraud at Safaricom

Safaricom recorded the highest number of mobile subscriptions as at December 31, 2016, gaining 2.2 percentage points of the market share up from 69.0 per cent posted last quarter.

Bob Collymore’s focus when he came in was to improve quality of its network and services, and he invests heavily in network infrastructure.

The mobile operator faced heavy criticism from users and regulators about call drops and poor reception and this had pushed some users to other networks, creating a culture of two SIM cards. He has improved quality and Safaricom continues to attract more users.

[crp]

Latest

SasaPay To “Pay SMEs To Get Paid” Via New Cash-Back Model

SasaPay has introduced a new cash-back model designed to...

Gor Mahia Fan Who Correctly Predicted 15 Out of 17 Games Wins Millions

The 30-year-old, also an avid follower of English Premier League giants Manchester United, came close to the grand prize of Ksh334,783,843 SportPesa Jackpot.

In Race for African Leadership Award, Ruto Faces Tough Opposition

Among the contenders of the prestigious African of the Year award is Kenya’s President William Ruto, who will be battling it out with President Hakainde Hichilema of Zambia and Prof. Benedict Okey Oramah, President of Afrexim Bank.

Transforming Financial Inclusion: The Impact of M-Pesa in Kenya and Beyond 

Discover the profound impact of M-Pesa on financial inclusion in Kenya and beyond. Explore how this innovative mobile service revolutionizes transactions and shapes the future of finance globally.

Follow Us

Newsletter

Don't miss

Safaricom To Power Tusker OktobaFest Beer Festival

Safaricom’s involvement in OktobaFest as a technology and payments partner will focus on fostering seamless in-festival connectivity, empowering the youth and Gen Z community through Safaricom Hook, and powering digital payments through M-PESA.

Music Producers Launch Organization To Streamline Recording Industry

Recording Industry of Kenya (RIKE) was launched on 9th October 2023. Registered in 2022 as a not-for-profit organization, RIKE aims to promote the collective interests of producers of sound recordings in the country.

Nairobi’s Hero Bar Listed Among World’s 50 Best Bars

World Best Bars: Hero Bar in Nairobi continues to climb the list, moving up six places to No.62 and Johannesburg’s Sin + Tax comes in at No.94. Dubai new entry Ergo is at No.69 and Melbourne’s Byrdi has re-entered the list at No.61.

Kenyan DJs Face Off In Smirnoff Battle Of The Beats Season 3

The Smirnoff Battle of the Beats Season 3, a DJ competition, is poised to unleash an unprecedented musical frenzy countrywide.

The Highs And Lows Of Betty Kyallo, Sisters Show As Season 2 Ends

Kyallo Kulture has always been, above all, about sisterhood, and in Season 2 we have witnessed the charm of it - the ups that gave us wholesome moments as the sisters led by Betty Kyallo spent time together.

DStv Beats CNN, BBC To Become Most Admired Media Outlet In Africa

DStv, MultiChoice Group’s leading broadcast service, has been named...

MultiChoice Revises Subscription Fees For DStv, GOtv

MultiChoice has announced price adjustments on some of their...

Octopizzo: How I Make My Money

"I've been doing this for 12, 13 years. It reaches a point where you no longer need to prove that you can make a hit record," he stated.

New Spotify EQUAL Artist Qing Madi Talks Music and Dreams

Heavily influenced by her cultural background and the lyrical arrangements of Kendrick Lamar, the versatile Nigerian prodigy is shaping the future of music with her unique genre-bending fusion of Afrobeats, Pop, Soul and R&B.

Bob Collymore Immortalized in New Festival

The late Collymore was famous for his love for jazz and even initiated the Safaricom Jazz Festival, which saw several of the world's biggest Jazz artists perform in Nairobi.
BT Correspondent
BT Correspondenthttp://www.businesstoday.co.ke
editor [at] businesstoday.co.ke

SasaPay To “Pay SMEs To Get Paid” Via New Cash-Back Model

SasaPay has introduced a new cash-back model designed to empower business owners to reduce costs and bolster profitability by receiving compensation for collecting payments...

Gor Mahia Fan Who Correctly Predicted 15 Out of 17 Games Wins Millions

The 30-year-old, also an avid follower of English Premier League giants Manchester United, came close to the grand prize of Ksh334,783,843 SportPesa Jackpot.

In Race for African Leadership Award, Ruto Faces Tough Opposition

Among the contenders of the prestigious African of the Year award is Kenya’s President William Ruto, who will be battling it out with President Hakainde Hichilema of Zambia and Prof. Benedict Okey Oramah, President of Afrexim Bank.

LEAVE A REPLY

Please enter your comment!
Please enter your name here