Michael Joseph to stay at KQ
Michael Joseph will for the next three years continue serving as the chairman of Kenya Airways (KQ) after extension of his contract.
Joseph's contract renewal was approved on July 8, during the company's 46th Annual General Meeting at Pride Centre.
Joseph took over from Dennis Awori at KQ in 2016 before his contract was extended for another three years in 2019.
Chief Executive Allan Kilavuka during the meeting reassured shareholders that 2022 will see a growth in revenue as the company forecasts profits in 2024.
“We anticipate that we will be able to break even by 2024 with all the work that is ongoing (which) entails dealing with legacy issues mostly around cost, which are structural and complicated to deal with but we hope that by 2024 we will have broken even," he said.
Joseph reiterated Kilavuka's points, categorically stating that the airline plans to gradually stop its dependence on the government.
“We also recognise that due to legacy issues, we have been a drain on the exchequer. We expect to move out of that situation and become profitable and self-financing. We believe that we will no longer be dependent on Treasury and therefore on taxpayers to keep us going,” he said.
Michael Joseph is also the chairman of Safaricom.
