• The CEO was set to step down in August for health reasons.
• Collymore has helped to build Safaricom into East Africa’s most profitable company.
Safaricom CEO Bob Collymore term at the helm of Kenya’s biggest telecoms firm has been extended.
Collymore will remain as Safaricom boss for the next 12-15 months to compensate time spent while he was away on sick leave.
The CEO was set to step down in August for health reasons.
Collymore has helped to build Safaricom into East Africa’s most profitable company, thanks to the popular mobile money transfer service M-Pesa and a growing customer base.
However, he took a nine-month medical leave in late 2017 to return to his native England to battle cancer, and has now indicated he wants to step down, the sources told Reuters.
During his tenure, Safaricom’s share price has increased by more than 400 per cent to Sh28. He has also led the charge against regulatory efforts to clip the company’s wings due to its dominant size.
Earlier this month, Health CS Sicily Kariuki appointed him a board member of the National Cancer Institute.