Safaricom CFO, Sateesh Kamath, has been appointed to the role of Chief Financial Officer Vodafone Business, effective July 1, 2020.
He will be reporting into Vinod Kumar, Chief Executive Officer Vodafone Business and will become a member of Vodafone Group Finance Leadership Team. In his statement, Safariom CEO said that they will be announcing his successor in due course.
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,” Said the Safaricom CEO Peter Ndegwa.
“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 benefited greatly from and we will deeply miss. He will leave behind a very strong team,” added Mr Ndegwa
Vodafone and Vodacom own a combined 40 percent stake in the Nairobi Securities Exchange-listed firm that pioneered the M-Pesa service.
Safaricom posted Ksh74.7 billion net profit in the full year to March 2020, attributed to increased M-Pesa and Data services revenues.