JOHANNESBURG – Vodacom has snatched Nedbank’s chief financial officer (CFO) to take up the same position at the mobile telecommunications company.
The group said on Tuesday that it had appointed Raisibe Morathi in line with its strategy of expanding into financial services.
It said Morathi, who resigned from her position at Nedbank with immediate effect, would assume the position in November, succeeding Till Streichert, who stepped down in June.
The group described Morathi as one of a few black African female CFOs of a listed company in South Africa.
Vodacom chief executive Shameel Joosub said Morathi’s appointment underscored Vodacom’s commitment to diversity across the workplace.
Joosub said Morathi had a proven track record in dealing competently with complex leadership challenges and driving strategic transformational change.
“Given Vodacom Group’s leadership position as a mobile money provider in Africa and our accelerated growth ambitions beyond traditional telco services, Raisibe’s extensive financial services experience makes her an excellent addition to the Vodacom Group board and executive committee (exco),” said Joosub.
Morathi’s 26 years of experience includes 20 years in executive roles at institutions such as the Industrial Development Corporation and Sanlam.
Morathi said: “I’m excited to be joining the Vodacom Group board and exco at a time when it has simplified its structure to drive increased focus across all of its international territories. I look forward to leading a high-performing finance team, driving the function’s strategic digital transformation and contributing to the future success of the group.”
Experts said Morathi’s appointment was largely based on her skills and extensive corporate sector experience.
Some said it also aligned with the group’s strategic objectives, which include expanding into financial services through airtime lending and payments, as well as improving gender diversity at the top of the organisation.
The head of equities at Mergence Investment Managers, Peter Takaendesa, said Morathi was Vodacom’s first female CFO since the company was started in the mid-1990s.
Takaendesa said Morathi was the second in the listed large-cap technology media and telecom sector after Tsholofelo Molefe, Telkom’s CFO.
“There have been a number of executive changes, including group CFO, at Vodacom over the past few years, and we hope they have now found someone suited to remain in the position for at least the next five to 10 years, for continuity and accountability purposes,” he said.
Independent analyst Syd Vianello said Morathi was doing the right thing by removing the veiled criticism thrown at people who stayed in positions for too long.
Vianello said Morathi realised that she had reached a ceiling at Nedbank.
“First, by moving on she is providing a space for someone else to excel in this very responsible position at Nedbank.
“Second, her skills are clearly exhibited via Vodacom’s decision to appoint her to what is clearly a very important position at Vodacom and which may well provide even greater opportunities for her in the future. And, third, women empowerment is definitely another important facet of her appointment,” said Vianello.
“Bottom line is I think this opportunity is great for Raisibe from many angles and has the prospect, if she proves herself, of not only running one of their subsidiaries in Africa but also of getting a financial appointment into the global Vodaphone network, which Nedbank cannot offer her.”
BUSINESS REPORT