Former MTN SA CEO Godfrey Motsa has joined the board of rival operator Cell C as the company looks to push its growth and steady investor confidence. On Wednesday, SA’s fourth largest mobile operator whose largest shareholder is JSE-listed Blue Label Telecoms said it also appointed another industry heavyweight, Maya Makanjee, a former director of Vodacom South Africa, to its board.
This comes after Douglas Craigie Stevenson suddenly stepped down in March as the operator’s CEO, for “personal reasons” and pursue other opportunities “in line with his personal career goals”, shareholder Blue Label Telecoms said at the time.
Godfrey Motsa vacated the CEO office at MTN’s SA business at the end of 2021. At the time, the move was billed as being part of a wider leadership reshuffle at MTN’s second-largest business unit.
Cell C says the appointments bring a wealth of “cross-industry knowledge and strategic guidance that will invigorate Cell C’s growth trajectory. Their combined expertise and leadership will enhance the existing board and enable the company to navigate the dynamic telecommunications landscape and capitalize on emerging opportunities”.
Makanjee has held various executive director positions across industries spanning close to 30 years, with a master’s degree in business leadership and a B.Com degree. Her track record includes serving as group chief officer for corporate affairs at Vodacom, CEO of FinMark Trust, and other leadership roles at SABMiller and Nestlé. She also holds a number of independent non-executive director positions.
Motsa has 17 years of experience in telecoms between MTN and Vodacom, as well as experience in the financial services and FMCG industries. He is credited as a turnaround specialist for MTN SA, and is said to have successfully made it the most profitable telco in the market.
His appointment signals a new era of growth and strategic direction, instilling confidence in the investor community.
Cell C
Makanjee and Motsa join Cell C following Blue Label’s completion of a long-awaited recapitalization of the troubled mobile operator in September 2022. SA’s fourth-largest mobile network operator has struggled to make a profit since it opened for business in 2001.
It has long-term debt of R8.7bn, prompting Blue Label and Lesaka Technology (formerly known as Net1), which previously had a 15% stake, to write down their combined R7.5bn investment to nil.
Following the recap, Blue Label positively revised the value of Cell C on its books to R962.5m, as it reported interim earnings in November. The cellphone company has also shifted away from owning and operating its own network infrastructure in favor of roaming agreements with MTN and Vodacom.
