Clockwise from Left: Jane Karuku, the Group Managing Director & CEO of East African Breweries Ltd; Ruth Zaipuna, the Chief Executive Officer, NMB Bank Plc; Nasim Devji, the Group CEO & Managing Director of Diamond Trust Bank; Anne Juuko, the Chief Executive of Stanbic Bank Uganda; Brenda Mbathi, President, General Electric East Africa; Mapula Bodibe, the Chief Executive Officer, MTN Rwandacell Plc; Annastacia Kimtai, the Managing Director, KCB Bank Kenya Ltd and Diane Karusisi, the Chief Executive Officer of BK Group Plc.
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Africa.Com has released the 3rd edition of its annual Africa.com Definitive List of Women CEOs⏤ a data-driven list of 93 women running big businesses on the African continent.

The data-driven list is built on data provided by Bloomberg.

Launched in 2010, Africa.com is a media holding company with an extensive array of platforms that reach a global audience interested in African content and community.

“This year’s list of 93 women represents 17 countries who have qualified based on either large-scale revenue or large-scale market capitalisation. The list includes 40 women from South Africa, 12 from Nigeria, and 6 from Egypt, Ghana and Kenya respectively,” said Teresa Clarke, Chair of Africa.com.

Africa.com analysed 2,020 companies listed on the 24 African stock exchanges. Of the 2,020 companies, Africa.com screened for those companies with revenue of USD100 million or more, or a market cap of USD150 million or more, which yielded a list of 787 companies.

The public websites of all 787 companies were examined to identify female C-suite executives. The team then researched each woman to determine those who have the title of Chief Executive Officer or Managing Director or President and conducted a review to confirm that these executives have a bottom line, profit and loss responsibility for the companies. This resulted in 40 women CEOs in Group 1.

Stanbic Bank’s Anne Juuko is the only Ugandan on the Africa.com’s 2023 List.

The methodology for Group 2 is identical to the methodology for Group 1, except that the entities evaluated were the divisions of the 787 companies, such that the divisions themselves have standalone revenue of USD100 million or more. The women running these divisions had to have a title that demonstrates that they are the chief executive with profit and loss responsibility for the division. This analysis yielded 28 women division heads.

Group 3 started with an analysis of global corporations with revenue over USD10 billion USD that have operations in one or more countries on the African continent. The regional heads of these companies were analysed to identify women executives for an African region or an African country, with profit and loss responsibility for the country or region. This analysis yielded 25 women. Women in this group are ranked by prioritizing those who run the African region ahead of those who run a single African country.

The three groups make up the final Definitive List of 93 women that make up the 2023 Africa.com and Standard Bank Group Definitive List of Women CEOs.

Top on the list, Natascha Viljoen, CEO, Anglo American Plc (revenue: USD41.6 billion) followed by Nompumelelo Zikalala, CEO, Kumba Iron Ore Ltd (revenue: USD6.9 billion);  Mpumi Madisa, CEO, Bidvest Group (revenue: USD6.6 billion); Bertina Engelbrecht, CEO, Clicks Group Ltd (revenue: USD2.6 billion) and Dr Nombasa Tsengwa, CEO, Exxaro (revenue: USD2.2 billion).

Click here for the full list: https://thedefinitivelist.africa.com/2023-definitive-list/ 

The heavily South Africa and Nigeria-dominated list of 93 featured 8 female executives from East Africa- namely Kenya, Uganda, Tanzania and Rwanda. 

#8

Jane Karuku

Group Managing Director & CEO

East African Breweries Ltd

Nairobi Stock Exchange

Revenue: USD970 million

Kenya

#13

Ruth Zaipuna

Chief Executive Officer

NMB Bank Plc, 

Dar es Salaam Stock Exchange

Revenue: USD485 million

Tanzania

#14

Nasim Devji

Group CEO & Managing Director

Diamond Trust

Nairobi Stock Exchange

Revenue: USD370 million

Kenya

#21

Anne Juuko

Chief Executive

Stanbic Bank Uganda

Uganda Securities Exchange

USD267 million

Uganda

#24

Diane Karusisi

Chief Executive Officer

BK Group Plc

Rwanda Stock Exchange

Revenue: USD218 million

Rwanda

#28

Mapula Bodibe

Chief Executive Officer

MTN Rwandacell Plc

Rwanda Stock Exchange

Revenue: USD187 million

Rwanda

#68

Annastacia Kimtai

Managing Director

KCB Bank Kenya Ltd

Nairobi Stock Exchange

Revenue: USD123 million

Kenya

#76

Brenda Mbathi

President

GE East Africa

New York Stock Exchange

Revenue: USD76.5 billion

Kenya 

The 8 East African women CEOs are: 

Kenya’s Jane Karuku, the Group Managing Director & CEO of East African Breweries Ltd (Revenue: USD970 million) in the No.8 spot; Tanzania’s Ruth Zaipuna, the Chief Executive Officer, NMB Bank Plc, in the No.13 spot and Kenya’s Nasim Devji, the Group CEO & Managing Director of Diamond Trust Bank (Revenue: USD370 million) in the 14th spot.

Uganda’s Anne Juuko, the Chief Executive of Stanbic Bank Uganda (Revenue: USD267 million) in the 21st spot while Rwanda’s Diane Karusisi, the Chief Executive Officer of BK Group Plc (Revenue: USD218 million) is in the 24th spot and Macula Bodibe,  the Chief Executive Officer, MTN Rwandacell Plc (Revenue: USD187 million) is in the 28th spot.  

Stanbic Bank’s Anne Juuko only Ugandan on Africa.com’s 2023 List  

Stanbic Bank Chief Executive, Anne Juuko is the only Ugandan named on the Africa.com 2023 Definitive List of Women CEOs.   

Commenting on the list, Anne Juuko said, “It’s such an honour to be recognized alongside other celebrated women leaders on our continent, for the third time in a row. It’s an honour because Uganda has hundreds of brilliant, hardworking women who are breaking the proverbial glass ceiling, every day, in their respective fields of practice. Many of them, I know personally, as they are my colleagues at work and in the financial services sector where I have been active for the last two decades. So, allow me to say that this recognition is not mine alone but one that I wish to accept, on behalf of my fellow women at Stanbic Uganda with whom we give our very best, daily, to make a difference in our country and also give the African girl child the confidence and reason to believe that whatever they seek to become—it can be.”  

However, the list is missing such key executives as MTN Uganda’s Sylvia Mulinge whose company grossed USD611.8 million in gross revenue and netted USD108.7 million in profit.

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About the Author

Muhereza Kyamutetera is the Executive Editor of CEO East Africa Magazine. I am a travel enthusiast and the Experiences & Destinations Marketing Manager at EDXTravel. Extremely Ugandaholic. Ask me about #1000Reasons2ExploreUganda and how to Take Your Place In The African Sun.