South African tycoon Sipho Maseko joins Shoprite board shortly after Telkom bid setback

South African business mogul and former Telkom CEO Sipho Maseko has been appointed to the board of Shoprite Holdings, Africa’s largest retailer.

The announcement was made on Thursday, accompanied by the appointment of Hlengani Mathebula, an academic from the University of Limpopo.

In a statement released by Shoprite Holdings, the board expressed their anticipation of the valuable contributions Maseko and Mathebula would bring to the group.

The latest appointment follows the setback Maseko faced in his attempt to acquire a significant stake in Telkom, South Africa’s third-largest telecommunications services provider.

Earlier this year, through his firm Afrifund Investments, Maseko joined forces with Africa’s largest asset manager, the Public Investment Corporation (PIC), to present a bold bid for a 35-percent stake in Telkom.

However, Telkom rejected the acquisition offer, highlighting its commitment to resolving its challenges independently.

Maseko’s appointment to the Shoprite Holdings board solidifies his position as one of South Africa’s leading business leaders, with an extensive background in executive and board positions.

His career spans various notable roles, including positions at Werkmans, the Department of Trade and Industry, and the Financial Services Board.

Maseko spent over a decade with BP South Africa, ultimately serving as CEO of BP Africa. He later assumed the role of Chief Operating Officer at Vodacom South Africa before becoming the CEO of Telkom, where he led the company for nine years.

Additionally, Maseko has held prominent positions as Chairman of SAPREF and as a non-executive director of Afrox Ltd, Gyro Group, and Trudon Pty Ltd.

He currently serves as an advisory board member for esteemed institutions such as the Centre for Development and Enterprises, Airlink, and Heidrick and Struggles.

Maseko’s appointment to the board of Shoprite signifies the company’s commitment to further strengthening its leadership team and benefiting from his vast experience and expertise.

With his track record of success and strategic acumen, industry experts anticipate that Maseko’s expertise will contribute significantly to Shoprite’s future growth and development.