Safaricom pays Michael Joseph Sh127.5m bonus
Summary
The bonus came in a period when he had already relinquished the chief executive post to Peter Ndegwa, whose appointment took effect on April 1, 2020.
It is not clear whether the additional payout to Mr Joseph, which was categorised under executive compensation, is linked to his nine-month stint as interim CEO after Safaricom’s long-time executive Bob Collymore died of cancer in July 2019.
The company did not disclose in the annual report if there was any deferred compensation owed to Mr Joseph.
Wednesday July 07 2021
By VICTOR JUMA
Summary
The bonus came in a period when he had already relinquished the chief executive post to Peter Ndegwa, whose appointment took effect on April 1, 2020.
Safaricom pays Michael Joseph Sh127.5m bonus Business Daily Safaricom Plc #ticker:SCOM paid Michael Joseph an additional bonus of Sh127.5 million in the year ended March, making him Kenya’s best paid board member of a firm listed on the Nairobi bourse. The bonus came in a period when he had already relinquished the chief executive post to Peter Ndegwa, whose appointment took effect on April 1, 2020. It is not clear whether the additional payout to Mr Joseph, which was categorised under executive compensation, is linked to his nine-month stint as interim CEO after Safaricom’s long-time executive Bob Collymore died of cancer in July 2019. The company did not disclose in the annual report if there was any deferred compensation owed to Mr Joseph. But it says its executives are entitled to emoluments they have negotiated with the company, adding that non-executive directors, including its chair, do not receive bonuses. “The executive director’s (the CEO) remune
Safaricom’s Internal Wrangles Over Tenders Threaten To Knock Out The ‘Outsider’ CEO Peter Ndegwa
The lies and shiny outside of East Africa’s biggest Telco, Safaricom Plc, that has been over the years propped up by Public Relations has begun to wane.
An ugly infighting that has escalated pitting board Chairman Michael Joseph (former/founding CEO) and current CEO Peter Ndegwa’s camp seems likely as the straw that will break the camel’s back.
They say that corruption in the private sector is shocking as government’s.
It was clear that Michael Joseph, who referred Bob Collymore (late CEO) as ‘a white man in an African body’ didn’t want the firm to be headed by another African.
Safaricom has appointed Michael Joseph (the telco’s former CEO) as new board chairman, he succeeds Nicholas Ng’ang’a who has retired. Joseph will take up this position effective 1 August 2020.
“Mr Ng’ang’a took up the leadership reins at a time when the government was starting the process of offering 25 per cent of its shares to the public through the Nairobi Securities Exchange in 2008. He has managed to grow shareholder value by 607 per cent since listing,” says Safaricom CEO, Peter Ndegwa.
“At the time of his appointment as chairman, Safaricom had slightly over six million customers, 1,000 employees and only eight Safaricom shops across the country. Mr Ng’ang’a retires from the telco that now serves over 35.6 million customers, across 50 shops and hundreds of service desks across the country, with a staff force of over 6,500 employees.”