Name: Freedom Phuthuma Nhleko Born: 7 April 1960 Nationality: South African Alma mater: Ohio State University (USA), University of Atlanta (USA) Occupation: Chairman of Worldwide African Invest Net worth: R1.5-billion
Phuthuma Nhleko F r o m r e v o l u t i o n i s i n g M T N ’s s t r a t e g i c v i s i o n t o c h a m p i o n i n g t h e g o a l s o f b r o a d - b a s e d b l a c k e c o n o m i c empowerment Phuthuma Nhleko is a worthy inclusion on this list.
EARLY LIFE After completing his O-level schooling in Swaziland, Nhleko headed straight to the United States of America to continue his studies. He completed a Bachelor of Science Degree in Civil Engineering at Ohio State University in 1983. His first job was with the Ohio Department of Transport as a civil engineer but decided he needed to further his knowledge and returned to studying, completing an MBA in finance at Atlanta University. HOW HE MADE HIS MONEY Nhleko’s most notable position was as the Chief Executive Officer for MTN. Before that he served as a Senior Manager of the Standard Corporate & Merchant Bank corporate team, as well being a Civil Engineer and Project Manager for the Urban Foundation, and a Senior Road Engineer for the Ministry of Works in Swaziland. After joining MTN as CEO, he announced himself with radical changes to the company’s strategic vision and implementation
80
IMPUMELELO
1 5 TH E D I T I O N 2 0 1 4
plan. According to Trailblazers: South Africa’s Champions of Change, after only five months in the job, in December 2002, Nhleko introduced a management buy-in scheme at MTN, which was one of the largest B-BEE acquisitions up till that date with a value of R4.3-billion. After the buy-in, nearly 19 percent of the company was owned by management and staff, 70 percent of which were previously disadvantaged. The transaction set the tone for MTN’s commitment to direct empowerment through structured broadbased ownership deals. During his time as CEO, MTN delivered on all of its broad-based empowerment objectives. Currently, Nhleko is the Chairman and one of the founding members of Worldwide African Invest. He also serves as a director at Old Mutual Life, Nedcor Investment Bank, Nixia Trading, Network Communications, Worldwide Capital, Commerce One, Worldwide African Logistics & Trading, Johnic Communications, Afric Oil, and Sego Investments. He has returned to MTN as a Non-Executive Chairman and is a member of the Audit Committee at Anglo American.