MTN appoints new Group CFO, announces changes to regional structure and the Group executive committee (Exco)
MTN Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1994/009584/06)
(Share code MTN)
(“MTN” or “Company” or “Group”)
MTN appoints new Group CFO, announces changes to regional structure and the Group executive
MTN has completed a comprehensive group strategy review 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.
In order to support the Group’s strategy execution, MTN announces the appointment of a new Group
Chief Financial Officer (GCFO) as well as changes to the Company’s regional structure and the Group
Tsholofelo Molefe appointed as GCFO
MTN is pleased to announce the appointment of Tsholofelo Molefe as the new GCFO. Tsholofelo (51)
will take up the role as soon as practically possible in 2021, but no later than 1 October 2021. 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
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 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 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 appointed as Vice President (VP): West and Central Africa (WECA)
MTN announces the appointment of Ebenezer Asante as the new VP for WECA and he will assume the
role effective from 1 January 2021, taking over from Karl Toriola following his appointment as the CEO
of MTN Nigeria announced on 26 October 2020. Karl, who transitions into his new role from
1 March 2021, will also work closely with Ebenezer to ensure an orderly handover of WECA
Ebenezer (52) joined MTN in 2008 and is a highly experienced executive who has held senior positions
within the Group, including that of VP for the Southern and East Africa and Ghana (SEAGHA) region
since 2017 as well as CEO of MTN Ghana and MTN Rwanda prior to that. He is also a board member
on a number of the companies within the Group.
Yolanda Cuba appointed as VP: SEA
MTN is pleased to announce the appointment of Yolanda Cuba as VP for SEA, effective 1 January 2021.
Prior to joining MTN in January 2020 as Group Chief Digital and Fintech Officer, Yolanda (43) was the
Chief Officer of Strategy and M&A at Vodacom 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 good opportunity for growth in
mobile financial services as well as the largest potential for further expansion. Yolanda, who is an
extensively experienced executive in telecommunications and finance, will thus play a critical role in
driving the continued growth and strategic progress of the region.
Serigne Dioum appointed as Group Chief Digital and Fintech Officer
As part of the Group’s succession planning, Serigne Dioum will assume the role of Group Chief Digital
and Fintech Officer, and join the Group Exco, from 1 January 2021. Serigne (46), who is currently the
Group Executive for Mobile Financial Services (MFS), joined MTN in 2009 and has an established track
record in the telecommunications sector with deep experience in MFS. Prior to joining the Group,
Serigne worked at Orange in senior roles responsible for its mobile money business, operational
marketing as well as value added services and data offerings.
Serigne is highly qualified and experienced to continue the mission to drive digital innovation and
financial inclusion across the Group’s footprint as well as lead the journey to build and scale the
platforms within these important strategic pillars of MTN’s growth strategy.
Kholekile Ndamase appointed as Group Chief M&A and Business Development Officer
MTN is pleased to announce Kholekile Ndamase as the Group Chief M&A and Business development
Officer, effective 1 January 2021. Kholekile (40) is currently the Group Executive responsible for this
function, which will be re-established onto the Group Exco. He Joined MTN in 2016 from RMB where
he led the equity-based financing business and was responsible for financing solutions as well as M&A
execution, including transaction origination and structuring.
MTN’s portfolio optimisation and asset realisation programme (ARP) is a key strategic imperative of
the Group, which aims to reduce debt, simplify the portfolio, reduce risk and improve returns as well
as take advantage of expansion opportunities presented by a rapidly changing sector. Kholekile, thus,
adds important experience and leadership capacity to the Group Exco in continuing to drive these
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.”
“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.”
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
4 December 2020
JP Morgan Equities South Africa Proprietary Limited
Tamela Holdings Proprietary Limited
Date: 04-12-2020 04:24:00
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