Michael’s tenure at the firm started in 2000 as CEO, he exits the firm after a 22-year stint where he was instrumental in launching key products such as M-PESA back in 2007.
“Ngumi has established himself as East Africa’s foremost corporate and investment banker with 35 years experience, working with local and international/global corporates, state-owned enterprises, sovereigns, and financial services groups,” Safaricom said in a statement.
He is a seasoned director having drawn his experience in both private companies and state-owned enterprises.
Ngumi currently serves as Board Chair at the Industrial & Commercial Development Corporation (ICDC), which is leading the effort to implement the Kenya Transport & Logistics Network, encompassing Kenya Ports Authority, Kenya Pipeline Company Limited and Kenya Railways Corporation.
He also serves on the board of Kenya Airways PLC.
The company also announced the resignation of Secretary Mdlalose Sitholizwe.
“The Board also announces the resignation of Sitholizwe Mdlalose with effect from August 1. We take this opportunity to thank Sitho for his service, dedication, sound advice, and commitment to the company with particular reference to his invaluable contribution to the board audit, risk and compliance committee,” the statement read.