4 Africa Exchange (4AX), has announced that Fay Mukaddam has stepped down as Chief Executive Officer (CEO). The CEO of RainFin Sean Emery will take over as interim CEO of 4AX.
Mukaddam is still involved with the company as an active shareholder and will continue to support the business operations in other positions. At the same time, Mukaddam is leading a rigorous recruitment process for the future long-term CEO.
“When I accepted the founding CEO role, I was excited about the challenge of leading this disruptive business out of the business plan phase to evolve into [an] operating reality. After more than a year of successful operations, a base of five listed companies and a total market capitalisation of just under R7 billion, I feel I have achieved my initial goal – and 4AX finds itself at an exciting new juncture!” Mukaddam said about the announcement.
4AX officially began their trading business on 28 September 2017. The company started out with 2 issuer listings: NWK Limited and NWK Holdings Limited. Three more issuer listings have been added to the company since the start of their operations. These businesses are CA Sales Holdings Limited (dual listed on the Botswana Stock Exchange); Heartwood Properties Limited; and Assupol Holdings Limited. 4AX currently has plans to add more issuer listings in the works.
“Reflecting on this and the journey that has brought us to where we are today, I have immense satisfaction that 4AX has moved from being a start-up and has entered its growth phase. I am immensely proud that our team has secured the foundation. It is with this in mind that I believe the time is right for the business to build on its established base and successes, and to thrive under the leadership of a new CEO in this next phase of its lifecycle and growth,” Mukaddam said. Mukaddam will take a sabbatical in preparation for her future projects and her advisor and non-executive board appointments.
“Fay has been an invaluable member of the founding executive team and on behalf of our Board and all stakeholders, we would like to thank Fay for her unwavering commitment and continued contribution to 4AX,” said Mr Mfundiso (JJ) Njeke, Chairman of 4AX. “We also want all stakeholders to feel assured that the vision of 4AX has not changed. The exchange was established to be a real alternative of choice and the 4AX promise remains to make financial markets more inclusive by providing a safe and licensed platform that provides easier access, and more product variety. The EXCO team remains committed to continuing to drive this vision – and to hold the exchange to account to its promise, the 4AX team are continuously working to improve on and expand its scope of solutions and services,” added Njeke.
Edited by Kojo Essah
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