Safaricom appoints new finance chief

Former Safaricom Chief Financial Officer John Tombleson has taken a new post with the UK multinational Vodafone, helping to cool speculation that he was being eased out due to an adverse mention in an audit report done by consultancy KPMG.

Safaricom on Friday announced that Mr Tombleson is being redeployed as the integration director at Vodafone New Zealand.

He has been replaced by former Vodacom Tanzania CEO Sateesh Kamath, who will also be on Safaricom’s executive board.

Mr Tombleson leaves at a time when a draft forensic audit report by accounting firm KPMG named him, alongside four other senior executives, as having unprocedurally influenced the purchase of a Sh1.15 billion five-acre piece of land at Nairobi’s Garden City where Safaricom plans to build its headquarters.

Safaricom CEO Bob Collymore has however said that his departure has nothing to do with the KPMG report, terming it an ordinary Vodafone staff rotation.

“As Mr Tombleson comes to the end of his five-year term, he will be returning home to Vodafone New Zealand to take up a new opportunity as the Integration Director of the recently announced merger between Vodafone New Zealand and Sky New Zealand,” Safaricom said in a statement.

Parliament is yet to launch an investigation into the Safaricom report, which was filed through a public petition.

Vodafone owns 40 per cent shares of the NSE-listed Safaricom, the Treasury 35 per cent and the public 25 per cent.

"Mr Tombleson leaves having steered the company through its most robust and fruitful years. He has been an invaluable resource to the executive team,” said the Safaricom statement.

Prior to his former appointment at Vodacom Tanzania, Mr Kamath had held senior roles for the last 12 years at both a global and local level for Vodafone operations in London, Australia, New Zealand, Turkey and Fiji.

He is also non-executive director in other group companies and investments.

“Mr Kamath will join the company to steer its next phase of development as we work towards ensuring our business continues its sustainable growth,” said Mr Collymore.

Mr Tombleson’s tenure saw the company record 16.3 per cent compounded annual revenue growth, achieved net profit compounded annual growth rate of 31.8 per cent, and promoted market capital growth of 555 per cent from $1.1 billion to $7.1 billion. 

He joined Safaricom from Vodafone Qatar, where he held the position of acting chief executive officer and chief financial officer. A New Zealand national, he first joined Vodafone in his home country in 2003.

“As Mr Tombleson’s tenure comes to its close, we are pleased that he will leave the company to return to his home town leaving behind a strengthened investor relations portfolio and strong relationships with our shareholders,” said Mr Collymore.