4 Africa Exchange (4AX) announces that as part of its six–month succession and handover over plan, Fay Mukaddam has stepped down as the CEO and Sean Emery, CEO of RainFin, has been appointed as interim CEO of the exchange.
Mukaddam remains an active shareholder in 4AX and continues to support the business operations in other positions, as well as is leading a rigorous recruitment process for her successor.
Mukaddam says: “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.”
4AX officially began trading on the 28th of September 2017 with its first two issuers listings – NWK Limited and NWK Holdings Limited. Since then, three more issuers have listed on 4AX; including, CA Sales Holdings Limited (dual listed on the Botswana Stock Exchange), Heartwood Properties Limited and Assupol Holdings Limited – and the exchange has several more in the pipeline.
“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,” says Mukaddam.
Mukaddam will be taking a sabbatical in anticipation of focusing on special projects and her independent advisor and non-executive board appointments.
Mfundiso (JJ) Njeke, chairman of 4AX, says: “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.
“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,” Njeke adds.