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Fintech company Lesaka Technologies has extended executive chair Ali Mazanderani’s term by a further 18 months.Mazanderani’s employment term has been extended from January 31 2028 to June 30 2029, the JSE- and Nasdaq-listed company said in a statement on Tuesday.Adjustments have also been made to his base remuneration and travel cost arrangements, including the award of equity options. The latter remains subject to shareholder approval, and a notice of shareholders’ meeting will be distributed in due course, Lesaka said.“The amendments are intended to support leadership continuity, compensate Mr Mazanderani for his additional time contribution to Lesaka and align Mr Mazanderani’s incentives with long-term shareholder value creation,” it said.Mazanderani assumed the executive chairperson role in February 2024. He had been a board member since 2020.The company said previously that it was his vision to build the leading fintech platform in Southern Africa that set Lesaka on its journey. He presented this strategy to the market at Lesaka’s fourth-quarter 2020 earnings call and has played a key role in Lesaka’s evolution, serving as a board director and a member of the capital allocation committee.At the time of announcing the appointment, Lesaka said that as a respected global fintech leader and entrepreneur, Mazanderani brought deep experience to the Lesaka executive team.He was a co-founder and chairperson of European fintech Teya and previously served as a director of global fintech companies, including StoneCo in Brazil and Network International in the United Arab Emirates (UAE).Earlier this month Lesaka reported a jump in earnings as it achieved the upper end of its profitability guidance. The group also increased its full-year adjusted EPS guidance for 2026. Net revenue for the third quarter rose 16% year on year to R1.57bn, while adjusted earnings before interest, tax, depreciation and amortisation (ebitda) was 45% higher at R337.1m.Its full-year guidance is for net revenue of R6.2bn-R6.5bn, adjusted ebitda of between R1.25bn and R1.35bn and adjusted EPS of between R5.50 and R6. The guidance for the 2026 financial year excludes the effect of the planned acquisition of Bank Zero, which is still subject to regulatory approvals.The company has come a long way since its days as Net1 UEPS Technologies, with its turnaround characterised by growth in South Africa’s competitive market for merchant payments, all while chasing a segment of consumers that had long been the preserve of the Post Office in its heyday.
