MTN Group announced on Friday it had appointed Tsholofelo Molefe as a new Group Chief Financial Officer (GCFO).
Molefe has resigned with immediate effect at Telkom.Molefe, joined Telkom on 1 July 2016 as Deputy CFO and was appointed as Group CFO two years later.
In her two-year tenure, she derisked the balance sheet, optimised working capital management through structural changes and enhanced the capital allocation framework to focus on return on investment.
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.
Molefe will also join the MTN Group board and take over from Sugentharan Perumal who has been acting in the position of GCFO since 1 September 2020. Perumal took on that role following the appointment of Ralph Mupita as MTN’s new president and CEO, replacing Rob Shuter.
“We are thrilled to have an executive of Tsholofelo’s stature join us,” said 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.”
To support the Group’s strategy execution, MTN Group also announced changes to the company’s regional structure and the Group Exco.
Effective 1 January 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 Yolanda 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.
Yolanda, 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 ambitions 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 telecoms sector, with strong experience in mobile financial services (MFS).
Before joining MTN, he held senior positions in MFS, operational marketing, value-added services and data at Orange. Serigne is highly qualified and experienced to 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 for Mergers and Acquisitions (M&A), 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.