BrandArena: MTN appoints Tsholofelo Molefe as new Group CFO

Monday 7 December 2020

MTN appoints Tsholofelo Molefe as new Group CFO

...announces changes to the regional structure and Group Executive Committee

Tsholofelo Molefe has been appointed the new MTN Group Chief Financial Officer (GCFO), following her resignation from her position as GCFO at rival mobile operator Telkom with immediate effect, and she 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.

MTN Group President and Chief Executive Officer Ralph Mupita commenting on this new appointment said; “We are thrilled to have an executive of Tsholofelo’s stature join us. 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.”

Prior to her stint as financial head at Telkom Group, Molefe was also Chief Risk Officer and Deputy CFO at the company. Before working at Telkom, she served as Finance Director at Eskom as well as the CFO for First National Bank’s Personal Banking division. Molefe is also a non-executive director on the board of Curro Holdings.

Tsholofelo is set to take up the position “as soon as practically possible in 2021 but by no later than 1 October 2021”.

The company also announced a raft of changes to its regional structure and the exco, after completing a comprehensive review of its strategy with a focus on accelerating growth, deleveraging the holding company debt, and unlocking value.

Regional changes include that MTN Ghana will become part of the group’s West and Central Africa (WECA) region, effective 1 January 2021, while MTN’s Southern and East Africa and Ghana (SEAGHA) region at the same time become known as the Southern and East Africa (SEA) region.

This will see several changes in the structure of the exco, including:

Ebenezer Asante, the SEAGHA Vice President since 2017, will become the new WECA Vice President.
Yolanda Cuba, the Group’s Chief Digital and Fintech Officer, will take the helm as the SEA Vice President.
Serigne Dioum, Group Executive for Mobile Financial Services, will join the exco as the Group Chief Digital and Fintech Officer.
Kholekile Ndamase, Group Executive for Mergers and Acquisitions, will assume the new exco role of Group Chief M&A and Business Development Officer.
“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,” MTN Group CEO Mupita stated.

The MTN Group Executive Committee 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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