Cell C names Lerato Pule as CFO, replacing Zaf Mahomed
Appointment comes as Blue Label, the mobile operator’s biggest shareholder, is finalising a recapitalisation plan
31 August 2022 - 14:15
by Mudiwa Gavaza
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Lerato Pule. Cell C's new CFO from September. Picture: SUPPLIED.
Cell C on Wednesday named Lerato Pule as CFO to replace Zaf Mahomed, effective September 1.
Pule takes over as the operator’s largest shareholder, Blue Label Telecoms, is expected to conclude a more than three-year recapitalisation of Cell C.
Blue Label has been working to firm up the balance sheet of SA’s fourth mobile operator, which has struggled to make a profit since it started operations in 2001 and is laden with long-term debt of R8.7bn.
Blue Label holds a 45% stake in Cell C, but the operator’s debt burden has seen it and Net1 — now Lesaka, which owns 15% — write down their combined R7.5bn investment to nil.
The company has hired consultants to re-evaluate the value of Cell C on its books once the recapitalisation is finalised, which is expected in September.
Pule joined the leadership team earlier this year “to ensure a smooth handover and will play an important role as Cell C evolves to chart a new course to become a digital lifestyle company,” the operator said.
Before joining Cell C, Pule was CFO for Telkom’s SME business.
A qualified chartered accountant, she holds an honours degree in accounting and has more than 16 years experience in financial and business management at various organisations.
“Over the last three years Zaf Mahomed assisted us in successfully navigating a complex transaction to deleverage the balance sheet as part of our turnaround strategy,” Cell C CEO Douglas Craigie Stevenson, said in a statement.
“We thank Zaf for his contribution during a very critical phase of Cell C’s journey and wish him all the best as he pursues new opportunities. He is ready for his next challenge.”
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Cell C names Lerato Pule as CFO, replacing Zaf Mahomed
Appointment comes as Blue Label, the mobile operator’s biggest shareholder, is finalising a recapitalisation plan
Cell C on Wednesday named Lerato Pule as CFO to replace Zaf Mahomed, effective September 1.
Pule takes over as the operator’s largest shareholder, Blue Label Telecoms, is expected to conclude a more than three-year recapitalisation of Cell C.
Blue Label has been working to firm up the balance sheet of SA’s fourth mobile operator, which has struggled to make a profit since it started operations in 2001 and is laden with long-term debt of R8.7bn.
Blue Label holds a 45% stake in Cell C, but the operator’s debt burden has seen it and Net1 — now Lesaka, which owns 15% — write down their combined R7.5bn investment to nil.
The company has hired consultants to re-evaluate the value of Cell C on its books once the recapitalisation is finalised, which is expected in September.
Pule joined the leadership team earlier this year “to ensure a smooth handover and will play an important role as Cell C evolves to chart a new course to become a digital lifestyle company,” the operator said.
Before joining Cell C, Pule was CFO for Telkom’s SME business.
A qualified chartered accountant, she holds an honours degree in accounting and has more than 16 years experience in financial and business management at various organisations.
“Over the last three years Zaf Mahomed assisted us in successfully navigating a complex transaction to deleverage the balance sheet as part of our turnaround strategy,” Cell C CEO Douglas Craigie Stevenson, said in a statement.
“We thank Zaf for his contribution during a very critical phase of Cell C’s journey and wish him all the best as he pursues new opportunities. He is ready for his next challenge.”
gavazam@businesslive.co.za
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