Assertion from Michael Joseph on the Safaricom PLC Board modifications

In the present day’s AGM marks my final exercise because the chairman of the Board of Safaricom PLC.

Efficient Monday, August 1^st, 2022, John Ngumi, who’s well- recognized to most of you, will turn into the brand new Chairman of Safaricom. He may also be changing me as one of many Director’s representing the Authorities of Kenya on the Board of Safaricom.

John was appointed as a Director of Safaricom and elected Chairman of the Board at a Safaricom Board assembly held yesterday, July 28^th, 2022. All of this, in fact, is topic to the requisite regulatory approval.

There are a variety of the reason why I made a decision to step down as Chairman:

1. I need to dedicate extra time to supporting Safaricom’s funding in Ethiopia and relinquishing the position of Chairman permits me the pliability and freedom to undertake this vital position on behalf of Safaricom.
2. This may also permit me to dedicate extra time to Kenya Airways throughout this important time to make sure that we proceed the work of restructuring and refinancing for KQ to stay on the journey in direction of profitability within the subsequent 2 years.
3. It’s also vital that I proceed to play a job within the creation of the Pan African Airline Group which is vital for the African continent to make sure connectivity in addition to dependable and inexpensive air transport.
4. Whereas there’s certainly a proper time in any man or lady’s life to take a step again from enterprise and dedicate extra time to having fun with life, in my case, it will in all probability not occur but as I’ll proceed to take part in different fascinating enterprise alternatives obtainable.

Prior to creating this resolution, I consulted broadly together with discussions with our foremost shareholders, the Authorities of Kenya, Vodacom and Vodafone, the Board and naturally with Peter, our CEO.

I’ve been a part of this Firm since its inception, firstly because the founding CEO, then Board Director, again to CEO on the premature loss of life of the late Bob Collymore and eventually as Chairman of the Board upon the retirement of our earlier Chairman, Nicholas Nganga.

I’ll stay as a Director on the Board, topic to approval, for the following few years to proceed advising and supporting the Firm typically by way of this transition, and assist the Board to drive the Firm’s strategic agenda in addition to to supply continuity and transition steering to our new Chairman.

That is additionally the proper time for me to step down as Chairman, as Peter has now been CEO for 2 and a half years throughout which era we labored intently as a part of transition. The strategic route for the Firm has been clearly set and permitted by the Board.

John Ngumi is very skilled and has been intently allied with Safaricom since its inception together with arranging our first bond and staying near Safaricom. I’ll in fact help within the transition, however I’m very assured that John is the proper Chairman for the Firm, to take us into the long run.

You’ll, little doubt, hear extra about this over the following few days and weeks, and, in fact, in the end, you’ll hear extra from John, our new Chairman. I take this chance to increase a heat welcome to John and want him all the perfect because the Chairman of Safaricom.