Cell C on Wednesday said its chief financial officer, Zaf Mahomed, is stepping down to pursue “new business opportunities”.

Mahomed, with CEO Douglas Craigie Stevenson, has led a major shift in strategy at the mobile operator aimed at making the business sustainable following the planned recapitalisation of its balance sheet.

That recap, which is being led by Cell C’s largest shareholder, Blue Label Telecoms, and which has been long in the planning, is expected to be concluded by mid-September.

“As the recapitalisation is almost complete, Mahomed will move on to new business opportunities,” Cell C said in a statement.

“Over the last three years, Zaf Mahomed assisted us in successfully navigating a complex transaction to deleverage the balance sheet as part of our turnaround strategy,” said Craigie Stevenson in the statement.

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“We thank Zaf for his contribution during a very critical phase of Cell C’s journey and wish him all the best as he pursues new opportunities.”

Cell C said that Mahomed will be replaced in the CFO role by Lerato Pule.

Read: Cell C recap plan announced – all the details

“Pule joined the leadership team earlier this year to ensure a smooth handover and will play an important role as Cell C evolves to chart a new course to become a digital lifestyle company,” Cell C said in the statement.