Telecommunications giant Safaricom PLC board has announced changes to its Board of Directors following the exit of a member.
Safaricom in a notice published on Friday August 30, 2024, announced the appointment of James Ludlow as a new Board member to serve as a director.
Ludlow will be replacing Francesco Bianco, who exited the board on 1 August 2024.
“The Board is pleased to announce the appointment of Mr. James Ludlow as a Safaricom PLC Director, with effect from 28 August 2024 for a tenure of one year,” the notice reads in part.
Ludlow is currently the Group Reward and Policy Director-Human Resources at Vodafone Group Services Limited and is responsible for the strategic design, planning, management, and communication of the company’s short term and long-term incentive reward plans.
James Ludlow announced as new Safaricom Director
The new Safaricom Board Director also provides remuneration and governance advice to all Vodafone group entities.
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Ludlow holds a Bachelor of Science (Hons) in Pure Mathematics from the University of Wales, Swansea and is a member of the Institute of Chartered Accountants, England and Wales ACCA.
The new Director is set to replace former Board member Francesco Bianco whose exit was announced by the telecommunications company’s board on Friday, July 26, 2024.
Safaricom in a notice published on Friday announced Bianco’s exit and that of Ory Okolloh while revealing board changes following a meeting.
The Safaricom board on July 24 held its Annual General Meeting (AGM) for the year ended 31 March 2024 where it signaled replacement of members who had left.
“Safaricom wishes to announce changes in the board with exit of Ory Okolloh and Francesco Bianco with effect from 24 July 2024 and 1 August 2024 respectively, following the full board meeting held on 24 July 2024. The Board will announce their replacement in due course,” the notice reads.
“The board takes this opportunity to thank Ms. Okolloh and Mr. Bianco for their invaluable and robust contributions in the committees and at board meetings during their tenure and wishes the two all the best in their future endeavors.”
Board Changes & AGM Meeting
Company Secretary Linda Mesa Wambani in the notice further highlighted that the announcement of the changes was issued with the approval of the Capital Markets Authority.
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The Safaricom board which is chaired by Ardil Arshed Khawaja is responsible for the overall conduct of the company’s business.
Ludlow’s appointment as a director is among recent changes that have been announced by the Telecommunications company in two years.
John Kipngetich Mosonik and Murielle Lorilloux were appointed as two new non-executive directors to sit on the Board, with their appointment taking effect on August 23, 2023.
Their appointment meant to fill the void left by earlier board exits came shortly after Michael Joseph left. Michael was for long the corporate face of the listed telco, having been Chief Executive Officer (CEO) and board Chairman in a period spanning over 23 years.
Michael Joseph resigned from his role as the director of the telecommunications company, with effect from 1 August 2023.
The appointment of Ludlow also comes after the Safaricom’s shareholders during the AGM approved a total dividend payout of Ksh1.2 per share for the year ended March 2024, representing a total dividend payout of Ksh48.08 billion
Also, the firm’s board announced that the street protests witnessed across several parts of the country in between June and August contributed to a 17 per cent drop in its share price.
This saw East Africa’s most profitable company lose more than Ksh118 billion in paper value over the period.
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