South Africa’s Vumatel and Dark Fibre Africa’s parent company have announced that Raymond Ndlovu will be stepping down from his position as CEO of Community Investment Ventures Holdings (CIVH), with his last day on 31 March 2023.
Remgro is CIVH’s majority shareholder, with a 57 per cent stake, while CIVH owns 100per cent of Vumatel and DFA.
Ndlovu oversaw the merger of Vumatel and Dark Fibre Africa (DFA) into the newly-formed holding company Maziv.
In a statement, Remgro said, “Vumatel and DFA recorded impressive market performances within the CIVH group while Ndlovu was at the helm.”
According to the company, Ndlovu plans to pursue other business interests from 1 April 2023.
Speaking on his departure, Ndlovu said, “Over the past three years, I have been focused on developing and executing the group’s fibre growth strategy in South Africa, and we’ve achieved substantial growth and increased affordable connectivity access to South Africans.”
Ndlovu’s departure comes after a significant transaction in November 2021, where Vodacom intends to acquire a co-controlling equity stake in CIVH’s fibre assets.
The transaction is pending Competition Commission approval.
CIVH chairman and Remgro executive Pieter Uys said, “Raymond’s quest for a new challenge follows a successful contribution to enhanced shareholder value during his tenure. With his team, he has overseen the complex restructuring of the group whilst sustaining its strong growth trajectory through the difficult pandemic trading conditions. As a result, CIVH is well positioned for its continued growth in South Africa and the rest of the African continent.”