Telkom CFO Molefe quits to take position with MTN

TSHOLOFELO Molefe has resigned as group chief financial officer of Telkom to join rival MTN, the latter said on Friday, in a series of changes to its executive team and regional structures.

Molefe, chief financial officer at Telkom since 2018, will join MTN by no later than October 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, to broaden revenue streams.

In addition to Molefe’s appointment, MTN announced a comprehensive review of the company’s strategy, saying it wanted to “focus on 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, will take over the Southern and East Africa (Sea) region vice-presidency, MTN said.