Lesaka’s Fintech Shake-Up: CEO Exit, Fintech Luminary Takes Charge, and Board Reshuffle Signals Growth Surge

  • Leadership Transition: Lesaka Technologies' CEO, Chris Meyer, will step down on Feb 29, 2024, after leading a successful turnaround.
  • New Executive Chairman: Fintech entrepreneur Ali Mazanderani will take over as Executive Chairman from Feb 1, 2024.
  • Strategic Board Changes: Kuben Pillay transitions to Lead Independent Director, ensuring corporate governance alignment, effective Feb 1, 2024.
By Lethabo Ntsoane

Lesaka Technologies has revealed significant leadership changes as part of its strategic evolution. The company, listed on Nasdaq (LSAK) and the Johannesburg Stock Exchange (LSK), announced that Chris Meyer, who served as Group CEO for nearly three years, will conclude his tenure on February 29, 2024.

Meyer’s Legacy: A Transformative Turnaround

Chris Meyer, during his leadership, spearheaded the successful turnaround and rebuilding of Lesaka’s fintech platform. Under his guidance, the Consumer division returned to profitability, and the acquisition of Connect Group proved to be a resounding success. Meyer expressed pride in the accomplishments of the Lesaka team, highlighting the establishment of a robust corporate governance and risk management framework, as well as the development of a values system and culture resonating with over 2,400 colleagues across Southern Africa.

In his departure statement, Meyer said, “The vibrant and energized Lesaka of today looks very different to the business we took on almost 3 years ago, and I am exceptionally proud of what this extraordinary team has achieved.”

Ali Mazanderani Appointed as Executive Chairman

Lesaka Technologies announced the appointment of Ali Mazanderani as the new Executive Chairman, effective February 1, 2024. Ali Mazanderani, a fintech entrepreneur and Lesaka board member since 2020, played a crucial role in shaping Lesaka’s vision to become the leading fintech platform in Southern Africa.

Ali Mazanderani, who is also the co-founder and Chairman of Teya, a leading European fintech, expressed his commitment to Lesaka’s journey, stating, “The company is well positioned to deliver exceptional value to its stakeholders and benefit the communities it serves. I look forward to deepening my involvement with Lesaka and working with the entire team to realize our vision.”

Kuben Pillay Transitions to Lead Independent Director

Kuben Pillay, the current Chairman of the Lesaka Board, will transition to the role of Lead Independent Director effective February 1, 2024. Pillay expressed gratitude for Chris Meyer’s contributions and excitement about Ali Mazanderani’s appointment. He stated, “Ali is ideally suited to lead Lesaka through the next phase of growth.”

The transition aligns with best practices of corporate governance and independence, with Kuben Pillay continuing to chair board meetings.

Looking Ahead: Lesaka’s Vision for Growth

Lesaka Technologies, on its journey to becoming a leading fintech driving financial inclusion, sees these leadership changes as a strategic move to navigate the next phase of growth. With Ali Mazanderani at the helm, the company aims to leverage its foundation and continue delivering innovative fintech solutions for South Africa’s merchant and consumer markets.

Forward-Looking Statements and Investor Relations

The press release included forward-looking statements, emphasizing Lesaka’s anticipation of future financial results and business opportunities. Investors and stakeholders are encouraged to review the company’s filings with the SEC for detailed insights into factors that could impact actual results.

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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: lethabo@rateweb.co.za Twitter: @NtsoaneLethabo