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Telkom CFO Molefe resigns

Dirk Reyneke, current CFO of Openserve will take over the position of acting group CFO, effective December 7.
Image: Waldo Swiegers/Bloomberg

Tsholofelo Molefe has resigned as group Chief Financial Officer of South African telecom operator Telkom to join rival MTN, the latter said on Friday, in a series of changes to its executive team and regional structures.

Molefe, CFO at Telkom since 2018, will join MTN by no later than Oct. 1, 2021.

MTN, like many of its global peers is expanding from voice and data services to offer financial services such as insurance and other digital services, in a bid to broaden revenue streams.

In addition to Molefe’s appointment, MTN announced a comprehensive review the company’s strategy, saying it wanted to “focuson accelerating growth, deleveraging the holding company debt and unlocking value”.

South Africa’s largest mobile network operator by subscribers said it would give more details about the strategy after its 2020 full-year results due in March next year.

MTN did however also announce changes to its regional operational structure. MTN Ghana will become part of the group’s West and Central Africa (WECA) region. It previously formed part of the Southern and East Africa and Ghana (SEAGHA) region.

As a result, Ebenezer Asante, the SEAGHA vice president since 2017, will move to the role of WECA vice president.

Yolanda Cuba, the group’s Chief Digital and Fintech officer, takes over Southern and East Africa (SEA) region vice president, MTN said.

“The SEA region is critical to MTN’s growth ambitions and presents a good opportunity for growth in mobile financial services,” MTN said.

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