MTN appoints new Group CFO, announces changes to regional structure

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.

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.”

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, 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.

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.

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).

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.

These executive changes follow those announced in October: Karl Toriola as CEO designate of MTN Nigeria and Ferdi Moolman’s appointment to the new exco role of Group Chief Risk Officer. Both are effective from 1 March 2021.

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.”


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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