Huge Group chief financial officer Zunaid Bulbulia — a former CEO of MTN South Africa — has resigned, the telecommunications company told shareholders on Monday.
Bulbulia, who was appointed as Huge’s CFO in March 2017, has also resigned as a director of Huge and its subsidiary companies.
His resignation takes effect immediately.
The company has now entered into a consulting arrangement with Bulbulia for the provision of services, it said.
“Zunaid is involved in numerous other ventures that require his input on a daily basis,” Huge Group said in a statement to shareholders.
“He is an adjunct professor at the Wits Business School, he is joining a private investment holding company in the telecoms sector, he is an advisory board member to the Gauteng division of FNB Islamic Bank, and he is an advisory board member to the Kirusa Group of Companies, headquartered in New Jersey in the US,” it said.
“Huge’s growth trajectory necessitates the services of a dedicated and full-time chief financial officer. For this reason, the company and Zunaid have agreed on a change in his relationship from employee to consultant.”
It said it has identified several candidates for the CFO job and is “actively engaging” with one of them.
“Zunaid will work with the company with a view to handing over his finance responsibilities to the successful candidate,” it said.
Last week, Huge Group said it is hiring senior Reunert executive Andy Openshaw as its new chief operating officer. He will join Huge when his restraints of trade with Reunert are either waived or fulfilled. — (c) 2018 NewsCentral Media