Telkom CFO jumps ship to join rival firm MTN

Telkom’s Group Chief Financial Officer has resigned with immediate effect, to join telecoms rival MTN. The announcement comes amid a slew of changes announced by MTN as it reshapes its regional structures. In a statement, CEO Ralph Mupita says these changes are strategically important for the group’s growth and to unlock value. He added that he is pleased that there is steady progress in the inclusion of women in the group’s leadership. – Melani Nathan

MTN announced on Friday 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 detail 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) as well as changes to the Company’s regional structure and the Group Exco.

We are pleased to announce the appointment of Tsholofelo Molefe as the new GCFO. Tsholofelo will take up the position as soon as practically possible in 2021, but by no later than 1 October 2021.

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She is a qualified 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 that, 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 GCFO since 1 September 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.”

Commenting on the latest appointments, Group President and CEO Ralph 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 the 26th of October and continues the process of further deepening the skills and experience required to lead the Group’s ambitious drive into the future.”

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“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 platforms, de-risking of the business and unlocking of value. I am also particularly pleased with our continued steady progress in adding to the representation 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.

The group Exco will be as follows:

  • Ralph Mupita – Group President and Chief Executive Officer
  • Tsholofelo Molefe – Group Chief Financial Officer
  • Jens Schulte-Bockum – Group Chief Operations Officer
  • Godfrey Motsa – MTN South Africa CEO
  • Karl Toriola – MTN Nigeria CEO (effective 1 March 2021)
  • Yolanda Cuba – Vice President SEA (effective 1 January 2021)
  • Ebenezer Asante – Vice President WECA (effective 1 January 2021)
  • Ismail Jaroudi – Vice President MENA
  • Serigne Dioum – Group Chief Digital and Fintech Officer (effective 1 January 2021)
  • Ferdi Moolman – Group Chief Risk Officer (effective 1 March 2021)
  • Lele Modise – Group Chief Legal Counsel
  • Felleng Sekha – Group Chief Regulatory and Corporate Affairs Officer
  • Paul Norman – Group Chief Human Resources Officer
  • Charles Molapisi – Group Chief Information and Technology Officer
  • Kholekile Ndamase – Group Chief M&A and Business Development Officer (effective 1 January 2021)
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