JSE-listed investment holding company Hulisani has appointed its current CIO Marubini Raphulu as its new CEO, effective July 1.

Raphulu takes the reins from Hulisani co-founder Malungelo Zilimbola, who will continue to serve as a member of the board in a nonexecutive role and who will remain involved in the business.

“Following a successful listing, the conclusion of the first viable acquisition and becoming an investment holding company, which requires an operational involvement in the business and ceasing to trade as a special purpose acquisition company, it is the right time for me to step down,” said Zilimbola.

The company last week completed its acquisition of Momentous Technology, which owns a stake in the 7 MW Rustmo1 Solar Farm, for R122-million.

Raphulu is a former investment banker and admitted attorney with extensive deal-making experience in the energy sector in South Africa. He founded Medupi Capital, which formed Hulisani in partnership with Mazi Holdings and is a shareholder in various energy companies.

Fhedzi Modau, a registered professional engineer, will succeed Raphulu as CIO. He previously worked for Eskom, PPA Energy, Sasol Limited and as a contractor for the Department of Energy.

Meanwhile, the company reported that its FD Mark Booysen had resigned. Africa Rising Capital investment banking senior associate Masibulele Dem will succeed Booysen, effective July 1.

The Hulisani board also appointed Professor Benjamin Marx as an independent nonexecutive director.

Hulisani chairperson Pat Mdoda explained that the changes were implemented to align and focus the skills of certain board members more suitably to the operational requirements of the company.

“This is in line with what the board believes will enable Hulisani’s continued growth and the optimisation of shareholder value as an investment holding company.”