Kenya's biggest telecom operator, Safaricom Limited on Wednesday extended the contract of its Chief Executive Officer Bob Collymore by two years.
Mr Collymore's initial contract of three years was due to expire in August.
"The board recognised that this is still work in progress and we still have much that can be done. We are giving ourselves more time to work out our succession plan," Collymore stated.
The CEO added that contracts for the entire executive team would expire over the next 18-24 months.
"We will be in the process of identifying people who will be taking over internally," he highlighted.
Safaricom released the results of its revenues on Wednesday revealing that the full net year profit had risen from Sh38.1 Billion to Sh45.1 Billion during Collymore's time at the company.
Total revenues increased from Sh 195.7 Billion to Sh212.89 Billion, voice revenues rose from Sh90.8 Billion to Sh93.5 Billion while M-Pesa revenues grew from Sh41.5 Billion to Sh55.08 Billion.
"Voice, M-Pesa and Data continue to show growth although we have seen a slight decline in SMS revenue," Collymore conveyed.
Speaking during the release of the results, Collymore further said 3 million additional Kenyans joined Safaricom in the past year.
In 2016, Safaricom's net profit for six months through to September rose from Sh18.08 Billion to Sh 23.93 Billion.
