After 10 years at Shanduka Group, one of the leading South African investment holding company in South Africa, Phuti Mahanyele, the firm's Chief Executive Officer, announced her resignation last week and that she will leave the company at the end of June this year. With interests in telecoms, food and beverage, property, financial services, energy, and industrial sectors, Mahanyele helped grow the Shanduka Group’s net asset value to about 8 billion Rands ($686,080,000 USD). Additionally, under the helm of the outgoing dynamic CEO, one of the group's subsidiaries, Shanduka Beverages was appointed as one of Coca Cola's four franchised bottlers in South Africa; with a work-force of 800 permanent staff, Shanduka Group owns 70% of Coca Cola Shanduka Beverages and Coca Cola owns 30%.
In addition to South Africa, the empowerment investment group has presence in Ghana, Mauritius, Mozambique and Nigeria and was founded by Cyril Ramaphosa who dropped out of the FORBES Africa's 50 Richest list in 2014 when he divested a sizable amount of his holdings in Shanduka Group to become Vice President of South Africa.
Mahanyele, a trailblazer in a predominately male dominated industry, has been recognized throughout her career and received several accolades; including ‘Forbes Africa 2014 Business Woman of the Year’. In 2011, she was named as one of FORBES' ‘20 Youngest Power Women in Africa’; in 2008 the Wall Street Journal named her as one of the ‘Top 50 Women in the World to Watch’ and in 2007 she was selected by the World Economic Forum as a Global Young Leader.
Mahanyele joined Shanduka in 2004 as the Managing Director of Shanduka Energy. Prior to joining Shanduka, Mahanyele held senior positions at the Development Bank of Southern Africa and Fieldstone.
When I heard that the corporate powerhouse was stepping down from her role as CEO at Shanduka, I reached out to her office to get some additional insight into her up-coming departure.
FARAI GUNDAN: Ten years at the helm of one of the Africa's leading investment companies; what are your most proud moments? what were your low moments?
PHUTI MAHANYELE: My most proud moments are numerous but these three stand-out for me; 1. The Chinese Investment Corporation (CIC): The CIC’s first direct investment in South Africa was the acquisition of 25% equity in the Shanduka Group; 2. McDonalds: Shanduka’s acquisition of
You have worked alongside some of Africa's leading minds and entrepreneurs; Shanduka founder & now Vice President of South Africa, Cyril Ramaphosa - what are some of the key lessons you learnt working for and alongside him and working in the role of CEO?
MAHANYELE: My admiration for our former Chairman is public knowledge. His vision for starting Shanduka Group is the reason why so many people at Shanduka Group and Shanduka Foundation are so inspired and inspiring. One of the biggest lesson I learned working alongside him was that you are as good as your people. If your people are not successful – you are also not successful.
As you leave Shanduka, you led some very successful transactions (McDonalds, Aggreko & CIC); what is next on the horizon for you?
MAHANYELE: I’m establishing a new business that I’ll talk about when I leave Shanduka in June.
As you embark on your own entrepreneurial endeavors, where do you see the opportunities in Africa?
MAHANYELE: The opportunities on the continent are plenty from consumer industries to the infrastructure sector. One has to ensure that they select the right project, the right partners and make sure they do the project at the right price.
Energy (electricity), infrastructure, water and food shortage, women's rights and political governance remain challenges to Africa's progress; you spoke passionately last year at President Barack Obama's inaugural U.S.-Africa Leaders Summit in Washington DC - where are we post the summit? What progress has been made since the U.S.-Africa Leaders Summit?
MAHANYELE: I believe that the Summit took place during a period where US-Africa relations were already taking place and most work is continuing. At the summit key partnerships with different organisations were announced, and I have seen companies such as General Electric visiting South Africa to reaffirm the strategic presence that they are pursuing in South Africa and the rest of Africa. Additionally a number of large based vs private equity funds continue to seek investment opportunities in Africa. Nevertheless, I think that the challenges that we have noted at the summit will not be resolved overnight however we have achieved greater commitments as private business and respective governments to work towards addressing those issues.
When you think about South Africa in particular and Africa in general, what keeps you up at night?
MAHANYELE: My concern remains the empowerment and development of our people –especially our youth and women. We have so many opportunities for growth and I fear that we are not transferring our knowledge and providing the necessary skills in order for our people to take advantage of these opportunities.
I host a monthly Twitter chat called #AfricaLeads - access to capital is a HUGE challenge for this emerging talented group of young African entrepreneurs; what is your advice to Thabiso in South Africa, Fungai in Zimbabwe, Tunde in Nigeria (faceless entrepreneurs who are deep in the trenches trying to solve some of their communities' immediate and pressing needs)
MAHANYELE: They need to find ways to access cross opportunities in their respective markets. The proliferation of technology has removed the barriers to trade. In finding capital for example- one should not only look at the traditional sources of funding. There many investors on the continent and across the globe who are willing to take the risk of investing in our entrepreneurs. The secret is finding them and making them an offer they cannot refuse.
You have succeeded in a male dominated industry, and as you prepare to leave and as you reflect on your 10-year tenure, what advice can you give to this new generation of African entrepreneurs? particularly women entrepreneurs?
MAHANYELE: When going into business – you should view yourself as a business person – people treat you the way you treat yourself. If you come in feeling at a disadvantage – you are already at a disadvantage.
Your former boss, Shanduka founder and now Vice President of the country, Cyril Ramaphosa left for office and politics - can we anticipate / expect the same of you to pursue politics.
MAHANYELE: No politics for me unfortunately. We have enough capable women in the public sector – who are already making a difference. My purpose is to continue carving the path in the private sector.
What do you want to be most remembered for? What is the Phuti Mahanyele legacy?
MAHANYELE: At Shanduka, I want to be remembered as chief executive who got the most out of the people by making them realise their potential. My overall legacy – will be the people I leave behind. How empowered and successful they are. I believe in investing in people and would want to be measured by the extent to which I invested in them and their success.
* $1 USD = 11.6666 South African Rand
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