Safaricom CFO, Sateesh Kamath has been appointed Chief Financial Officer Vodafone Business, the Kenyan telco announced on Wednesday.
In a statement, Safaricom Chief Executive Peter Ndegwa said Kamath will take up his new role on July 1 before which Safaricom will have announced his replacement.
Conversely, as CFO of the Vodafone Business, Mr Kamath will be reporting to Vinod Kumar, Chief Executive Officer Vodafone Business, and will become a member of the Vodafone Group Finance Leadership Team.
Sateesh joined Safaricom PLC as CFO and Executive Director on the board on August 1, 2016 from Vodacom Tanzania Ltd, where he held a similar position.
He is credited with, among many other achievements, helping to build Safaricom shareholders’ value by 50% to Ksh1.2 trillion and improving business performance through Fit for Future Initiatives adding 6 percentage points on EBIT margin.
He played a key role in completion of acquisition of M-PESA Joint Venture from Vodafone and purchase of critical spectrum while ensuring efficient use of company’s funds.
He also assumed broader responsibilities in navigating the company through the phase when Bob Collymore was on medical leave and through transitions thereafter.
“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 Ndegwa.