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Cuba steps down as Mvela CEO

Johannesburg - Mvelaphanda Group [JSE: MCG] announced on Wednesday that Yolanda Cuba would step down as CEO and executive director of Mvela Group with effect from December 31 2010.

This follows the successful listing and unbundling of Mvelaserve on the JSE on Monday, as well as the listing and unbundling of the group's interests in Life Healthcare Group Holdings [JSE:LHC] and Health Strategic Investments earlier in the year.

Mvela Group's remaining interests are now only in listed investments, with the substantial share of the group's investments having been distributed to Mvela Group's shareholders.

Cuba has been the CEO of Mvela Group since 2007. Chairperson Mikki Xayiya will act as CEO until a replacement is appointed.

"Yolanda has been instrumental in many of the group's investments and spearheaded the efforts to realise value for shareholders in line with the board's value unlock strategy. She has been exemplary in her leadership," Xayiya said.

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