Cuba to step down as Mvela CEO

2010-12-02 09:33

Yolanda Cuba would step down as chief executive officer and executive director of the Mvelaphanda Group on December 31, Business Day reported today.

Cuba (32) was not available for comment, but a spokesperson said she had “achieved what she hoped to achieve” and was reviewing her career options.

Cuba, a chartered accountant, also serves on the boards of Absa, Avusa, Steinhoff and Life Healthcare. She became CEO in July 2007. In 2008, the World Economic Forum chose her as a “young global leader”.

Chairman Mikki Xayiya would act as CEO until a replacement was found. She would retain her other board positions.

The publication reported that Mvela’s share price fell 1.79%to R2.75 a share yesterday, while the support services index was up 2.1%, indicating the market might not have reacted well to the announcement of the departure.

The group was founded by Tokyo Sexwale as a broad-based, black-owned empowerment group. Sexwale resigned as executive chairman and board member when he was appointed human settlements minister.

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