Two More Cell C Executives Leave Amid Liquidity Concerns

“I can confirm that he has resigned and will leave at the end of July. With the exception of the CEO, we do not comment on the reasons executives leave the company.”

0
Portrait of executive young executive looking at camera and smiling.
Portrait of executive young executive looking at camera and smiling. (Photo Credit: www.shutterstock.com)

Cell C chief procurement and property officer Sherhaad Kajee and chief digital officer Nihmal Marrie are leaving the mobile phone operator that faces liquidity concerns.

The City Press newspaper reported that Marrie has resigned and will leave at the end of July.

The newspaper said Marrie was leaving Cell C to “join a global company”.

Marrie joined Cell C on August 1.

He joined Cell C from the Liberty Group, where he served as divisional director: digital and customer value proposition, according to the announcement at the time.

While, City Press added that Marie told staff members in an email he was leaving the company for “personal health reasons”.

In reply to questions from City Press, Cell C spokesperson Karin Fourie said: “I can confirm that he has resigned and will leave at the end of July. With the exception of the CEO, we do not comment on the reasons executives leave the company.”

On Thursday afternoon, Cell C chief financial officer, Tyrone Soondarjee announced his departure from the position he occupied since June 2017.

Soondarjee, who will step down on Thursday, cited “personal circumstances for his decision to leave Cell C. He will join his family’s business.

Cell C Campus
Cell C Campus (Photo Credit: Atterbury Properties)

S&P Downgrades Cell C on Liquidity Concerns

The resignation of the three executives comes after Cell C earlier this month was by downgraded on liquidity concerns by Standard & Poor’s (S&P) Global Ratings.

The rating agency downgraded Cell C to CCC+’ from ‘B-‘ and lowering our issue ratings on its senior secured notes to ‘B-‘ from ‘B’.

The agency said it has taken longer than expected for Cell C to execute financing agreements for 2018-2019 growth capital expenditures and a short-term debt maturity, leading it to regard the company’s liquidity position as more vulnerable.

On Friday, Cell C announced it has received funding from ZTE and Huawei.

“We are running a process with the [infrastructure] vendors and … been successful in obtaining a degree of funding support from both ZTE and Huawei,” chief strategy officer Robert Pasley told Business Day.

“Having said that, we’re in the process of closing other facilities, which, when combined with the existing arrangements with ZTE and Huawei, will enable us to satisfy our [capital expenditure] funding requirements through to early 2019,” Pasley said on Thursday.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.