On August 11 Vodacom announced that Sakumzi “Saki” Macozoma would be stepping down next July from his role as chair of the telecoms major. This is a significant development that invites reflection on his varied career.
What will the next chapter of Macozoma’s illustrious life look like? A few years ago people would have put money on a return to politics, especially as his country is trapped in a 1% growth trajectory and grand-scale corruption amid an alarming rate of youth unemployment. These days that would be a losing bet.
Macozoma’s professional life has featured some interesting turns. After they were together on Robben Island, Nelson Mandela, then serving a life sentence, took a liking to the young Macozoma, rating his leadership potential highly.
The first twist in Macozoma’s career came when he left parliament for business, being appointed deputy MD to Anton Moolman at Transnet before succeeding him as the first black Transnet CEO.
Though short-lived, his stint at Transnet was consequential. He appointed black executives to all divisions and functions. One of his best hires was Gloria Serobe, a banker from Standard Bank, as CFO. Serobe went on to cofound Wiphold, an investment holding company founded, owned and managed by black women.
Macozoma’s appointment of Coleman Andrews as SAA CEO was rather less successful, culminating in a controversial financial settlement paid to the American.
Macozoma’s time at Transnet also turned into a case study of how to manage people in authority. He had run-ins with Louise Tager, then chair of a star-studded board, and Jeff Radebe, then public enterprises minister. A key lesson to future CEOs from his experience is simple: walk away even if you know your bosses are wrong; the fight with them is never worth it.
The ending of that chapter took Macozoma into another war zone. As he was setting himself up in the private sector, Richard Laubscher, then CEO of Nedcor/Nedbank, launched a bid to take over Standard Bank in one of South Africa’s most prominent corporate battles.
As well as mobilising staff against the bid, Standard Bank roped in Macozoma to fend off the green bank. Tactically, the bid was clumsy since it ignored the need to sell the purchase offer to key stakeholders such as Transnet.
When the time to transform the banking sector came, Standard Bank tapped Macozoma’s outfit, Safika, to be one of its empowerment partners. He went on to serve as deputy chair of the blue bank for a significant period but never went on to chair its board.
With the impending Vodacom retirement, a chapter closes. What comes next for Macozoma?
After the infamous ANC Polokwane conference in 2007 politics caught up with him and other Thabo Mbeki supporters in the wake of Jacob Zuma ousting Mbeki as the ANC’s — and the republic’s — president.
As Safika tried to diversify its investment portfolio into mining, a highly regulated industry, it ran into hurdle after hurdle. Regulatory approvals took unusually long, and development finance institutions turned down funding applications from many of those associated with the Mbeki camp.
Then came the politically exposed person phenomenon, which made doing business difficult for large swathes of people associated with the government and political parties, including Macozoma. Until 2007, he had served as a member of the ANC’s national executive committee.
Despite the political and regulatory hurdles, Safika managed to build a decent manganese business, Tshipi é Ntle Manganese Mining, which was eventually sold to Exxaro Resources to help the latter diversify its portfolio away from coal. This was one of the still rare black-to-black transactions.
With the impending Vodacom retirement, a chapter closes. What comes next for Macozoma? He has been involved in low-key charitable activities such as the arts and education for some time, as well as dabbling in farming. His longstanding business partner, Moss Ngoasheng, has chosen golf, board direction and chasing the sun as he slows down.
But there is no shortage of noble ideas to support. Supporting the deepening of South Africa’s fragile democracy is one that may appeal to Macozoma. Another would be founding a forum for black South Africans to speak freely about their problems, including why the institutions they set up — such as African Bank, the National African Federated Chamber of Commerce, Fort Hare and the Black Management Forum — are failing.
Macozoma had — and still has — a passion for the media industry, especially the embattled print segment, which is engaged in an existential battle that is not only a threat to freedom of speech or expression but also a threat to democracy.
It goes without saying that Macozoma needs to tell his story and share lessons with aspirant black entrepreneurs. It would be selfish not to. What a life he has led so far!
• Dludlu is a former Sowetan editor.
Business Day
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.