Cell C CFO Lerato Pule resigns after less than a year

SA’s fourth-biggest mobile operator, Cell C, said on Wednesday its CFO Lerato Pule had tendered her resignation just less than a year after she took up the position. Pule, who started in September 2022, will continue to deliver on critical finance matters over the next few months, the group said in a statement.

Lerato has displayed exceptional leadership by facilitating the finalisation of the recapitalisation and initiating with three years of the historic audits now finalised and financials being signed off, with the final stages of the 2021 and 2022 historic audit soon to be completed to ensure the timely delivery of the complete annual financial statements for these years.

Her influence extended beyond traditional financial reporting, as she has played a crucial role in building a strong finance team and advancing our finance function into the realm of analytics.

Cell C

Prior to joining Cell C, Pule held the position of CFO of Telkom’s SME segment. Cell C added it would initiate the process of identifying a suitable successor. Formerly South Africa’s third-biggest mobile operator, Cell C has been struggling with financial and operational challenges, including a misguided business strategy.

In September last year, the group concluded a restructuring of its R7.3 billion debt pile which saw its biggest shareholder, Blue Label Telecoms, provide liquidity via a secured loan of R1.46 billion, while secured lenders took an 80% haircut.

In mid-2019, Cell C embarked on a turnaround strategy with a focus on operational efficiencies and cutting costs. The new Cell C business includes a move away from a capital-intensive build-and-own network model to an infrastructure-sharing model with the company reaching roaming agreements with other network operators.