Imagine serving as CEO of the leading telecommunications company in Kenya for several years, yet stating that you are not wealthy. That is how former Safaricom CEO and chairman Michael Joseph describes himself.
While most people who serve in such positions are expected to earn substantial amounts of money and, by the time they leave, amass huge fortunes, Joseph has maintained that he is neither wealthy nor poor.
Why does a man whose successful career has spanned over 55 years feel that he has not made enough money to qualify as wealthy?
Times Digital Kenya takes a closer look at what Michael Joseph actually owns and why he insists he is not a rich man.
Why Michael Joseph considers himself not wealthy
Having served as Safaricom CEO and chairman for over 10 years, Michael Joseph oversaw significant growth in the telecommunications sector in the country. After his tenure ended in 2010, while many would expect him to have amassed huge wealth, he stated that he is not a rich man.
According to the former Safaricom boss, he has not invested in companies nor made a fortune of any kind. He also credits not being wealthy to having been an employee for his entire career.
“I have been an employee all my career. I have not invested in companies and made a fortune of any kind.” he said in past interview.
At the time of his exit from Safaricom, Michael Joseph owned 1.17 million shares in Safaricom Plc.
Nonetheless, he sold his entire stake during the financial year ended March 2019. Following the sale, Joseph revealed that he did so in order to fund his retirement home.
Speaking about his assets, Michael Joseph said that he only has a house in West Wales and a flat in London. According to him, those are the only assets he owns.
“I have one house which I bought in West Wales and I have a flat in London, and those are my total assets,” Michael Joseph said revealing that he has one car.
