Safaricom extends CEO's contract - CNBC Africa

Safaricom extends CEO's contract

Western Africa

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“He’s proven to be a very good leader of the organisation. I don’t know if you remember three years ago where the share price was, the performance, the all-in return over his terms so far puts him in the top one per cent high of the world in terms of returns that people have received,” Aly-Khan Satchu, Chief Executive Officer (CEO) at Rich Management told CNBC Africa on Monday.

Collymore’s initial contract of three years was due to expire in August. He is now due to continue being a captain of the mobile operator until 2015.

“He’s proven a very good captain, there is an extremely motivated staff and he’s showing all his competitors a clean pair of heels,” said Satchu.

“I think it’s a deserved extension and I think it bodes well for Safaricom, the competitors of course are facing an entirely different landscape and a very brutal one.”

Under Collymore’s leadership, Safaricom shares have gained 46 per cent so far this year at 7.30 shillings. 

Satchu said the extension was well merited because Collymore has been key in raising the company's profits since he took over the helm in 2010.

“It’s throwing off a lot of free cash flow and if you’re looking for solid dividends, Safaricom is surely a place where you’re going to get them,” he said.