SA's Vodacom wins Safaricom CEO post as State loses control

Kenya government's shareholding in Safaricom has been reduced to 20 per cent, while public investors retain 25 per cent. [File, Standard]

Vodafone Kenya, a subsidiary of South Africa's Vodacom Group, will gain the power to nominate Safaricom's next chief executive, but the board must ensure a "predominantly Kenyan character" in senior management, under governance changes set for a shareholder vote later this month.

The new rules mark the end of an era following the completion of a Sh244.2 billion stake sale that handed majority control to the South African telecoms giant.