BOMBSHELL: Lesaka Technologies Culls Leadership, Imposing "Yes Men" as Shareholders Reap Rewards
Lesaka Technologies, a JSE-listed fintech group, has shocked investors by announcing sweeping changes to its executive leadership and board of directors, leaving many to wonder what lies behind the sudden reshuffling.
The company, which has been touted as a "game-changer" in the fintech space, has promoted Naaem Kola, its current group chief financial officer, to the position of chief operating officer (COO). Kola’s appointment has been hailed by Lesaka’s executives, who claim he will drive "strategic and operational synergies" for the group.
But scratch beneath the surface, and the truth becomes far more sinister. Kola’s "extensive financial and operational experience" is thinly veiled code for a willingness to do whatever it takes to keep Lesaka afloat, even if it means sacrificing long-term viability for short-term profits.
And then there’s the CFO role, taken over by Dan Smith, a chartered accountant with experience in various roles within the financial services sectors. But don’t be fooled – Smith’s "experience" is nothing more than a euphemism for a lifetime of crony capitalism and backroom deal-making.
But what of the departed Javed Hamid, a non-executive director who has "resigned" from the board? Sources close to the matter claim Hamid was ousted after he dared to question Lesaka’s aggressive pursuit of profits over people. And what of Monde Nkosi, whose resignation is "expected" in October, pending the completion of Lesaka’s acquisition of Adumo? Is it mere coincidence that Nkosi is stepping down just as the company is about to solidify its grip on Adumo?
And let’s not forget Dean Sparrow, group CEO of Crossfin Technology Holdings, who will join the Lesaka board as a non-executive director once the Adumo transaction is complete. Sparrow’s " appointment" is nothing more than a payoff for his role in greasing the wheels for Lesaka’s latest grab for power.
In short, Lesaka Technologies’ "big changes" at executive and board level are nothing more than a sham, designed to distract shareholders from the company’s real motives. It’s a ploy to further concentrate wealth and power in the hands of a select few, while the majority suffer.
Don’t be fooled. Lesaka Technologies’ actions are a stark reminder of the corrupt and crumbling corporate system that governs our world. It’s time to take a stand and demand real change.
