BPOPF parts ways with CEO
Mbongeni Mguni | Saturday June 6, 2020 13:17
The BPOPF is the country’s largest investor outside of government, almost single-handedly propping up the local asset management industry and also being heavily invested in Botswana Stock Exchange entities and other unlisted companies.
This morning, BPOPF chairman, Solomon Mantswe told MmegiOnline that the CEO was departing because her contract of five years was coming to an end on June 30.
“We don’t want the perception of a refusal or that there was something expected. Her contract was due to end on June 30 and that it was has happened.
“It was agreed that she would work for those five years and we had agreements including end of contract benefits,” he said.
Mantswe added that the process to recruit a new CEO would soon begin, stressing that “there will not be a time when there is no one in that office”.
MmegiOnline is informed that BPOPF investments and portfolio director, Moemedi Malindah is lined up to be the Fund’s acting CEO while the search for a substantive candidate takes place.
Molefe joined the BPOPF in July 2015 at a time of upheaval for the Fund, with major structural changes and revision of its investment policy. The Fund grew from P55 billion to P60 billion under Molefe’s stewardship, but the departing CEO also encountered numerous battles with her own board, asset managers and entities benefiting from the BPOPF’s investments.
Molefe did not respond to MmegiOnline’s attempts to reach her earlier today but reports suggest she has already communicated her impending departure to the executive team.
“She asked the executives to tell their own teams about her departure as well,” an insider said.