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.

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions. publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.