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Lesaka announces leadership changes
Lesaka Technologies, Inc.
Registered in the state of Florida, USA
(IRS Employer Identification No. 98-0171860)
Nasdaq share code: LSAK
JSE share code: LSK
LEI: 529900J4IZMWV4RDEB07
ISIN: US64107N2062
("Lesaka," or the "Company")
Lesaka announces leadership changes
Lesaka appoints fintech entrepreneur Ali Mazanderani as Chairman, Kuben Pillay as Lead
Independent Director, and Chris Meyer to conclude tenure as Group CEO in February 2024
JOHANNESBURG, December 5, 2023 - Lesaka (Nasdaq: LSAK; JSE: LSK) today announced that
Chris Meyer will conclude his tenure as Lesaka Group CEO on February 29, 2024. During his nearly
three years as Group CEO, Chris has led the successful turnaround and building of the Lesaka fintech
platform. Chris will remain a director of Lesaka.
Commenting on the conclusion of his tenure as Group CEO, Chris said, "I have dedicated all my
energy over the past nearly 3 years to the turnaround and rebuilding of the Lesaka platform, spending
the majority of that time apart from my family in the UK. The vibrant and energized Lesaka of today
looks very different to the business we took on almost 3 years ago, and I am exceptionally proud of
what this extraordinary team has achieved. The Consumer division has returned to profitability and the
Connect Group acquisition has been a resounding success. Furthermore we have built a strong
leadership team, implemented a robust corporate governance and risk management framework, and
developed a values system and culture which resonates with our 2,400 colleagues across Southern
Africa. I believe we have achieved what we set out to do when we started this journey, and I feel that
the time is right for me to return to my family and hand over to a new leader who will take this
extraordinary group of people into an exciting future. Ali is an exceptional leader and fintech
entrepreneur and is the perfect candidate to lead Lesaka in its next exciting growth phase."
Ali Mazanderani will assume the Executive Chairman role on February 1, 2024.
Ali has been a member of the Lesaka board since 2020. It was Ali's vision to build the leading fintech
platform in Southern Africa that set Lesaka on its journey. He presented this strategy to the market at
Lesaka's Q4 2020 earnings call and has played a key role in Lesaka's evolution, serving as a board
director and a member of the Capital Allocation Committee.
Ali brings deep experience to the Lesaka executive team and is a well-known and respected global
fintech leader and entrepreneur. Ali is co-founder and Chairman of Teya, a leading European fintech
and has served as a director of global fintech companies, including StoneCo in Brazil and Network
International in the UAE.
Ali commented, "During my three years on the board of Lesaka, I have seen the leadership team and
the more than 2,400 employees across the group build a great foundation. I would especially like to
thank Chris for the crucial role he has played in getting Lesaka to where it is today. The company is
well positioned to deliver exceptional value to its stakeholders and benefit the communities it serves. I
look forward to deepening my involvement with Lesaka and working with the entire team to realize
our vision."
Kuben Pillay, Chairman of the Lesaka Board, commented, "On behalf of the Board, I want to thank
Chris for his invaluable contributions to Lesaka. Chris achieved what he was tasked to do when we
started this journey, and leaves Lesaka as a strong platform positioned for growth."
"We are excited by the appointment of Ali as Executive Chairman. Ali played an integral role in setting
Lesaka on this journey to become the leading fintech driving financial inclusion. Given his deep
experience and proven track-record in the fintech sector and in emerging markets (including South
Africa), he is ideally suited to lead Lesaka through the next phase of growth."
Kuben Pillay's role on the Board of Lesaka will change from Chairman to Lead Independent Director,
effective February 1, 2024. Kuben will continue to chair the meetings of the board of directors, in line
with best practice of corporate governance and independence.
About Lesaka (www.lesakatech.com)
Lesaka Technologies, (Lesaka™) is a South African Fintech company that utilizes its proprietary
banking and payment technologies to deliver superior financial services solutions to merchants (B2B)
and consumers (B2C) in Southern Africa. Lesaka's mission is to drive true financial inclusion for both
merchant and consumer markets through offering affordable financial services to previously
underserved sectors of the economy. Lesaka offers cash management solutions, growth capital, card
acquiring, bill payment technologies and value-added services to formal and informal retail merchants
as well as banking, lending, and insurance solutions to consumers across Southern Africa. The Lesaka
journey originally began as "Net1" in 1997 and later repositioned and rebranded to Lesaka (2022), with
the acquisition of Connect. As Lesaka, the business continues to grow its systems and capabilities to
deliver meaningful fintech-enabled, innovative solutions for South Africa's merchant and consumer
markets.
Lesaka has a primary listing on the NASDAQ (NasdaqGS: LSAK) and a secondary listing on the
Johannesburg Stock Exchange (JSE: LSK). Visit www.lesakatech.com for additional information
about Lesaka Technologies (Lesaka ™).
Forward-Looking Statements
This press release contains certain statements that may be considered forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and such statements are subject to the safe harbor
created by those sections and the Private Securities Litigation Reform Act of 1995, as amended. Such
statements may be identified by their use of terms or phrases such as "expects," "estimates," "projects,"
"believes," "anticipates," "plans," "could," "would," "may," "will," "intends," "outlook," "focus,"
"seek," "potential," "mission," "continue," "goal," "target," "objective," derivations thereof, and
similar terms and phrases. Forward-looking statements are based upon the current beliefs and
expectations of our management and are inherently subject to risks and uncertainties, some of which
cannot be predicted or quantified, which could cause future events and actual results to differ materially
from those set forth in, contemplated by, or underlying the forward-looking statements. In this press
release, statements relating to future financial results and future financing and business opportunities
are forward-looking statements. Additional information concerning factors that could cause actual
events or results to differ materially from those in any forward-looking statement is contained in our
Form 10-K for the fiscal year ended June 30, 2023, as filed with the SEC, as well as other documents
we have filed or will file with the SEC. We assume no obligation to update the information in this press
release, to revise any forward-looking statements or to update the reasons actual results could differ
materially from those anticipated in forward-looking statements.
Investor Relations Contact:
Phillipe Welthagen
Email: phillipe.welthagen@lesakatech.com
Mobile: +27 84 512 5393
FNK IR:
Rob Fink / Matt Chesler, CFA
Email: lsak@fnkir.com
Media Relations Contact:
Janine Bester Gertzen
Email: Janine@thenielsennetwork.com
Johannesburg
December 5, 2023
Sponsor:
Rand Merchant Bank, a division of FirstRand Bank Limited
Date: 05-12-2023 07:05:00
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