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Kenyan business executive Peter Ndegwa, the CEO of Safaricom Plc, East Africa’s telecom giant, and the visionary behind M-PESA, has witnessed a remarkable 8.37-percent surge in his total compensation for 2023.
Ndegwa‘s 2023 compensation reached an impressive Ksh313.11 million ($2.11 million), marking a substantial leap from the Ksh288.93 million ($1.95 million) that he received the previous year. This significant increase is attributed to Safaricom’s robust financial performance, solidifying its position as the largest telecom company in East Africa.
This substantial increase underscores Safaricom’s unwavering resilience in even the most challenging of times, as the company reported a total comprehensive income of Ksh62.74 billion ($422.97 million) at the close of its 2023 fiscal year.
A detailed breakdown of Ndegwa’s $2.11-million compensation package reveals that it consisted of a base salary of Ksh95.24 million ($642,040) and a performance-based short-term incentive of Ksh21.60 million ($145,652), both attributed to Safaricom’s commendable financial performance.
Additionally, Ndegwa received a long-term incentive award of Ksh196.27 million ($1.32 million) in recognition of his steadfast dedication to the company and his wealth of expertise as a seasoned professional.
Ndegwa, a seasoned executive with nearly three decades of experience in general management, commercial and business strategy, sales, and finance operations within the financial services and fast-moving consumer goods (FMCG) sectors in Africa and Europe, has played a pivotal role in Safaricom’s recent success.
Since taking the helm as CEO, Ndegwa has significantly bolstered the company’s financial standing and strategic direction. In 2022, Safaricom reported profits of Ksh67.50 billion ($455.01 million) and revenues of Ksh298.08 billion ($2.0 billion). By the end of the 2023 fiscal year, these figures had slightly increased to Ksh52.48 billion ($353.80 million) in profits and Ksh310.90 billion ($2.10 billion) in revenues, respectively.
Ndegwa’s track record demonstrates his ability to transform businesses and organizations to deliver superior results, and he remains committed to driving Safaricom’s growth and financial resilience as the company progresses toward achieving its 2025 strategic goals. In addition to his executive and governance roles, Ndegwa also holds a minority stake of 895,500 shares in the company.
