Raymond Ndlovu will step down as CEO of Remgro-controlled CIVH, the parent of Vumatel and Dark Fibre Africa, at the end of March. Sources say that he is stepping down to pursue “other business interests”.
Ndlovu oversaw the merger of Vumatel and DFA into the newly formed holding company Maziv, in which Vodacom Group is poised to acquire a 30% stake, pending Competition Commission approval.
“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,” said Ndlovu in a statement.
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Ndlovu’s departure comes as the group deepens its focus on the fibre market segment and seeks to broaden its footprint on the rest of the African continent, CIVH said.
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 while sustaining its strong growth trajectory through the difficult pandemic trading conditions. CIVH is well positioned for its continued growth in South Africa and into the rest of the African continent.”
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Ndlovu joined the venture investment division of the Remgro Group, Invenfin, in 2013 as an investment executive before later being reassigned to the parent company, Remgro Limited. He was appointed as a member of Remgro’s management board in 2018 to oversee the infrastructure and venture investment platform, including CIVH and DFA.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry