Raymond Ndlovu, Community Investment Ventures Holdings (CIVH) group chief executive officer (CEO), has stepped down.
Ndlovu was named CIVH CEO in November 2019, with the primary objective of creating a diversified wholesale, open-access ICT infrastructure business, the company said at the time.
CIVH is active in the telecoms and IT sectors. The group’s major operating companies are Dark Fibre Africa (DFA) and Vumatel, which constructs and owns fibre-optic networks.
Today, announcing his departure, the company says: “Ndlovu recently oversaw the merger of Vumatel and DFA into the newly-formed holding company Maziv, amid impressive market performances by both operating companies within the CIVH group.”
Ndlovu is set to leave the Remgro-owned CIVH to pursue “other business interests”, effective 1 April.
In a statement, CIVH says 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.
He was also part of the team that negotiated the landmark transaction where Vodacom, in November 2021, acquired a co-controlling equity stake in CIVH’s fibre assets – pending regulatory approval.
The deal saw Vodacom − through a combination of assets of approximately R4.2 billion and cash of at least R6 billion − acquire up to 40% of the ordinary shares of a newly-created, wholly-owned subsidiary of CIVH (Maziv), which holds CIVH’s current interests in Vumatel and DFA.
This transaction, CIVH says, is set to unlock “the potential of South African people and communities, and significantly contribute to bridging the country’s structural digital divide”.
“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,” says Ndlovu.
Ndlovu had spent years with Remgro, having joined the venture investment division of the Remgro Group, Invenfin, in 2013 as an investment executive, before later being re-assigned to the parent company, Remgro Limited.
He was then appointed as a member of Remgro’s management board in 2018, to oversee the infrastructure and venture investment platform, including CIVH and DFA.
“Raymond’s quest for a new challenge follows a successful contribution to enhanced shareholder value during his tenure,” says Pieter Uys, CIVH chairman and Remgro executive.
“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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