Minister of Finance and Development Planning, Ken Matambo has given the green light for Botswana Stock Exchange (BSE) Deputy Chief Executive Officer Thapelo Tsheole to be appointed to the top post in December 2015, after the resignation of substantive CEO Hiran Mendis.
Sunday Standard can reveal that Matambo and the BSE Main Committee have accepted Mendis’ resignation as CEO effective December 2015, and the appointment of Tsheole as acting CEO for twelve months, after which he will be eligible for confirmation as substantive CEO subject to him passing a performance assessment test.
Mendis tendered his resignation in June, saying he is compelled by personal circumstances to spend most of his time in Sri Lanka. However, Matambo has accepted a recommendation by the BSE Main Committee for Mendis to be retained as a consultant for a period of twelve months, during which time he will mentor Tsheole, who will be serving as acting CEO.
“I am in agreement with the position of the BSE Main Committee that Mr. Tsheole be appointed as acting CEO for a period of 12 months after which he may be confirmed subject to him passing a performance assessment test. I further agree that the BSE may enter into a consultancy contract with Mr. Mendis for a period of twelve months during which he will mentor the acting CEO and assist in demutualization of the exchange and other strategic initiatives,” said Matambo in a letter dated 24th June.
The arrangement is in line with the BSE succession plan that was put in place in 2014, when Tsheole was promoted to Deputy CEO. The plan was for Tsheole to understudy Mendis for three years to ready him for the top post. However, it was disrupted by Mendis’ abrupt resignation, at a time when he was due to start the second year of his three year contract on 1st July.
Sikalesele-Vaka alluded to the disruption when she said: “Although the departure of Mr. Mendis was untimely, the Main Committee will work to ensure that the key deliverables for the strategic period are delivered as planned.”
Tsheole was promoted to deputy CEO in 2014 after joining the BSE in February 2007 as Product Development Manager. He had previously worked for Bank of Botswana in the Financial Market Department as a Dealer and Settlement Supervisor. An Economic graduate from the University of Botswana (UB), Tsheole also holds a Masters in Business Administration (MBA) from the graduate school of business, University of Cape Town (UCT) and a Masters of Commerce in Financial Markets from Rhodes University. He is also a Registered Person (RPE) under the South African Institute of Financial Markets and an Agriculture Product Dealer with the Financial Derivatives Division (SAFEX). Tsheole is also a member of the Institute of South Africa Financial Markets and he has attended management and financial courses in Africa and internationally.
He has also attended a Leadership Development Program at the University of Stellenbosch Business School (RSA) and the Bond School (Euro Money) in Hong Kong. His on-line profile indicates that Tsheole is a frequent speaker in local and international financial and economic market forums and receives regular invitations to attend the IMN in New York, OECD-Europe based in France and the Emerging Markets Conference in London. Among his career achievements, Tsheole led the process of revision of the BSE strategic plan in 2013.
He also introduced the first exchange traded funds (ETFs) and the first Africa-ex RSA in Botswana, and successfully promoted them to achieve market turnover of over P800million. He facilitated increased investor participation in the BSE and introduced financial market courses in partnership with Geometric Progression CC-RSA. He spearheaded the registration of Botswana Bond Market Association and formulated a bond market convention for Botswana and Botswana Bond Indices for the BSE.