Africa’s cellular telecoms giant MTN Group has rung in changes following disappointing annual financial results.
According to the 2024 financial results, MTN Group made a loss of R11.2-billion compared to a R4-billion profit in the 2023 financial year.
In a statement released on the JSE SENS, the company revealed that MTN SA chief executive Charles Molapisi will be replaced by Ferdi Moolman, the current group chief risk officer. In what appears to be a demotion, Molapisi will return to his former role.
“Charles Molapisi has a strong background in network and IT and will remain
on the group executive committee, resuming his previous position as GCTIO [group chief technology and information officer].
“He will have additional responsibilities and focus on speeding up AI [artificial intelligence] use case adoption and infusion across the business.
“We see a significant value creation opportunity over the medium term in the leveraging of AI across the business in domains such as network, customer operations, and workforce productivity.
“Charles led MTN SA through a challenging period of high power outages and network
resilience, maintaining the company’s network leadership.”
In another apparent demotion, Yolanda Cuba, the MTN group vice-president for South and east Africa currently for SEA, will step down from her role and group exco to become
deputy CEO and executive director of MTN SA.
Acceleration of value creation
“Both Ferdi and Yolanda bring extensive group-wide experience and will collaborate to accelerate growth and maximise returns at MTN SA.”
“Ferdi has held several senior roles within the group, including CEO of MTN Nigeria from 2016 to 2021. Consequently, he will step down from the MTN Nigeria board effective 31 October 2025,” reads a statement.
Tsholofelo Molefe, MTN’s group chief financial officer, will expand his responsibilities to include the mergers and acquisitions (M&A) portfolio.
“Kholekile Ndamase, currently chief M&A and business development officer, will step down from the group exco and have a new reporting line to Tsholofelo in her role as the steward for the capital allocation framework and its implementation at the group level,” reads a statement.
Said MTN Group president and CEO Ralph Mupita: “These leadership changes illustrate the depth of talent and experience we have across the group.
“The changes will support the accelerated execution of our strategy beyond 2025
as well as greater value creation for stakeholders over the medium term.”
