MTN announced on Friday (December 4, 2020) that it has completed a comprehensive review of the Group strategy with a focus on accelerating growth, deleveraging the holding company debt and unlocking value.
The revised strategy will be presented in more details following the release of MTN’s 2020 full-year results in March 2021.
To support the Group’s strategy execution, MTN Group announced the appointment of a new Group Chief Financial officer (GCFO), Tsholofelo Molefe.
As well as changes to the Company’s regional structure and the Group Exco.
Tsholofelo, 51 will take up the position as soon as practically possible in 2021, but by no later than October 1, 2021.
Who is Tsholofelo
She is a qualfied chartered accountant, CA (SA), and brings deep financial, risk and telecommunications experience.
As Telkom’s GCFO since 2018, as well as its Chief Risk Officer and Deputy CFO prior to the, Tsholofelo played a key role in the strategic transformation programmes at Telkom.
Prior to working at Telkom, Tsholofelo was the Finance Director at Eskom as well as the CFO for First National Bank’s Personal Banking division.
She is also a Non-executive Director on the board of Curro Holdings.
Tsholofelo will also join the Group board and take over from Sugentharan Perumal, who has been acting in the position of GGCFO since September 1, 2020.
“We are thrilled to have an executive of Tsholofelo’s stature join us,” said MTN Group President and Chief Executive Officer, Ralph Mupita.
“The board is confident that she has the experience required for the position. She will play a critical role in the growth of the business and unlocking of shareholder value.”
Changes to the regional structure and the Group Exco
Effective January 1, 2021, MTN Ghana will become part of the Group’s West and central Africa (WECA) region, a natural fit due to its geographic location in the region.
From that date, MTN’s Southern and East Africa and Ghana (SEAGHA) region will be known as the Southern and East Africa (SEA) region.
Ebenezer Asante, the SEAGHA Vice President since 2017, will become the new WECA Vice President, and Yoland Cuba, the Group’s Chief Digital and Fintech Officer, will take the helm as the SEA Vice president.
Ebenezer, 52, joined MTN in 2008 and is a highly experienced executive who has held senior positions in the Group, including CEO of MTN Ghana and CEO of MTN Rwanda.
He is also a board member on a number of companies within the Group.
Yoland, 43, joined MTN in January 2020. Prior to that she was Vodacom’s Chief Officer of Strategy and M&A and CEO of Vodafone Ghana, which saw her named telecom CEO of the year in 2018.
The SEA region is critical to MTN’s growth ambitious and presents a good opportunity for growth in mobile financial services.
It also has the largest potential for further expansion. With her extensive experience in telecoms and finance, Yolanda will play a key role in driving growth and strategic progress in the region.
Serigne Dioum, Group Executive for Mobile Financial Services, will join the Exco as the Group Chief Digital and Fintech officer.
Serigne, 46, joined MTN in 2009 and has an established track record in the telecom sectors, with strong experience in mobile financial services (MFS).
Before joining MTN, he held senior position positions in MFS, operational marketing, valve- added service and data at Orange.
Serigne is highly qualified and experienced t drive digital innovation and financial inclusion as well as build and scale these platforms as part of MTN’s growth strategy.
Kholekile Ndamase, Group Executive or Mergers and Acquisitions (M&AP, will assume the new Exco role of Group chief M&A and Business Development officer.
Kholekile, 40, joined MTN in 2016 from RMB, where he led the equity-based financing business and was responsible for financing solutions and M&A execution.
Kholekile’s experience and leadership capacity is important to the group’s portfolio optimization drive, itself key to the strategy.
This includes the asset realization programme, which aims to reduce debt, simplify the portfolio, reduced risk, improve returns and take advantage of expansion opportunities.
These executive changes follow those announced in October: Karl Toriola as CEO designate of MTN Nigeria and Ferdi Moolman’s appointment to the new Exco role of Group chief risk officer.
Both are effective from March 1, 2021.
Commenting on the latest appointments, Mupita said: “We are excited about our journey of growth and it is important to ensure that the management capacity is in place to sustain and accelerate our key strategic ambitions.
Today’s appointments follow the recent management announcement we made on October 26, and continues the process of further deepening the skills and experience required to lead the Group’s ambitious drive into the future.”
“Not only do these appointments safeguard continuity in the growth of our leading and scale connectivity business on the African continent, but, importantly, also support the acceleration of our digital platform, de-risking of the business and unlocking of valve.
I am also particularly pleased with our continued steady progress in adding to the representative of women in our senior leadership team, which underlines MTN’s strategic focus on diversity and inclusion.”
“I look forward to the contribution of the appointed executives in driving the company forward,’ he concluded.