State Owned Enterprise, NetOne Cellular has welcomed back its Chief Executive Officer from suspension. Mr. Lazarus Muchenje who is famed for having brought back the limelight to NetOne in 2018, the year the loss-making enterprise declared its first profit, is back at the helm.
Mr. Muchenje, a Chartered Account by profession who has previously held the titles, Group CEO at Intarget Group, Group CEO at FirstRand Bank Celpay International BV, Executives Head of Sales (Vodacom SA), Head of Wireless Application, Sales and Marketing Director (Vodacom DRC) and Founding Finance Director (Vodacom DRC) resumed work at NetOne on the 19th of February 2019, after a six-month suspension.
The business recorded a loss of $57.8 million for the year ended 31 December 2017, which was largely attributed to legacy issues that weighed down the company’s performance.
In the year 2018, after assuming leadership of NetOne the enterprise began an aggressive approach to increase revenue, through a network expansion drive and cost containment measures. The actions resulted in NetOne’s mobile financial arm, OneMoney increasing its active subscriber base, backed by increased network coverage throughout the country. In line with NetOne’s mission “To transform lives and develop communities through communication solutions”, the provider commissioned several base stations in previously marginalized areas and embarked on aggressive corporate social initiatives.