TUKO.co.ke journalist Japhet Ruto has over eight years of experience in financial, business, and technology reporting and offers profound insights into Kenyan and global economic trends.

Long-serving Kenya Airways (KQ) chairman and director Michael Joseph has officially retired after a nine-year stint.

The national carrier announced Joseph's exit in a notice on Saturday, June 14.

The statement was made in accordance with the Capital Markets (Securities) Public Offers, Listing and Disclosures) Regulations 2023, promulgated under the Capital Markets Act.

"The Board of Directors of Kenya Airways PLC (“KQ”) hereby announces the retirement of Michael Joseph as a director and chairman of the board of the company, effective Friday, June 13, 2025, after diligently serving on the board for nine years. Joseph joined the Board of Kenya Airways PLC in 2016," KQ stated.

The airline explained that Joseph served with the utmost honour, diligence, and dedication during his tenure.

He successfully led the board and company through several reorganisations, the tumultuous COVID-19 period, and its turnaround strategy.

The strategy resulted in the airline's historic turnaround, net profit record in 2024, and strong growth in both passenger and freight volumes, reaffirming to stakeholders and shareholders the business's operational viability.

On January 6, 2025, Joseph supervised the reopening of trading for KQ shares at the Nairobi Securities Exchange (NSE), as well as on the corresponding securities exchanges in Uganda and Tanzania.

"When I took over the chairmanship, the key focus was to restore the airline's fortunes and help develop a sustainable strategy for the future. There have been many milestones on this journey, both good and bad. It is therefore with great gratitude that I can proudly say the fruits of the efforts we have been putting in have begun to show," Joseph explained.

KQ's 2024 annual report revealed that Joseph was paid KSh 18,225,000 in the 2024 financial year.

This translates to an average of KSh 1.52 million per month.

In the 2023 financial year, Joseph took home KSh 18 million, equivalent to a monthly pay of KSh 1.5 million.

"Non-executive directors receive fees as well as sitting allowances for board and committee meetings. The fees are approved by shareholders at Annual General Meetings (AGMs) and are payable monthly," KQ stated.

In related news, telecommunications company Safaricom announced Joseph's exit from the firm on August 1, 2023.

Joseph worked at the telco for over two decades after joining the NSE-listed firm as general manager in 2000.

He was the founding chief executive officer (CEO) and also served as the board chairman and chaired various committees.

Source: TUKO.co.ke