Tsholofelo Molefe. Picture: FREDDY MAVUNDA
Tsholofelo Molefe. Picture: FREDDY MAVUNDA

Telkom CFO Tsholofelo Molefe has left the partially state-owned telecoms operator to join Africa’s largest mobile operator, MTN, as its group finance chief.  

Molefe, a former executive at Eskom, joined Telkom in July 2016 as deputy CFO and was promoted to finance chief two years later.

In her two-year tenure, Molefe led an effort to “derisk the balance sheet, optimise working capital management through structural change and enhance the capital allocation framework to focus on return on investment”, said the company.

Molefe has previously worked as finance director at Eskom, and as CFO of FNB’s personal banking division. She is a non-executive director of private school group Curro Holdings.

Telkom said Dirk Reyneke, CFO of its infrastructure unit Openserve, will take over as acting group CFO, effective December 7.

Reyneke, a chartered accountant, has been with the group since March 2012 having come from Absa Retail and Business Banking. He was formerly CFO of Telkom Mobile and its property unit, Gyro.

Molefe’s resignation comes as Telkom advised shareholders in late November that Molefe had cashed out R2.76m in company stock, awarded to her as share options.

The operator is undergoing a transformation to become a modern mobile network operator, shaking off its legacy image as a fixed-line provider. The group has been rapidly expanding its mobile unit, its fastest growing business, going so far as to stop paying dividends as part of the effort.

Ralph Mupita, MTN group CEO, said they are thrilled to have an executive of Molefe’s stature join them.

“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,” Mupita said.

Yolanda Cuba, the group’s chief digital and fintech officer, has been appointed vice-president of the group’s Southern and East Africa business. The appointment comes as part of a raft of changes to MTN’s group executive committee.  

Update: December 4 2020
This article has been updated with information and comment throughout.

gavazam@businesslive.co.za

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