Lesaka Technologies, the Nasdaq- and JSE-listed fintech born from the ashes of Net1, has extended Executive Chairman Ali Mazanderani’s tenure through mid-2029 via two newly signed contracts disclosed to the SEC. The filing formalises what markets had long suspected: Mazanderani, who also chairs Teya and has sat on StoneCo’s and Network International’s boards, works at just 50% capacity. Notably, both his US and South African agreements strip out short-term bonuses entirely, tying his reward to Lesaka’s equity performance rather than annual targets. For a company still guiding toward FY2026 profitability, it’s the clearest signal yet of how long the board expects its turnaround to run — and who it’s backing to finish it.
BizNews Reporter
On the surface, today’s SENS announcement from Lesaka Technologies reads like corporate housekeeping: two employment contracts for Executive Chairman Ali Mazanderani, signed and filed with America’s SEC yesterday. But for shareholders in the Nasdaq- and JSE-listed fintech, the detail is the story.
Lesaka — the rebranded Net1, once a byword for South African corporate dysfunction — has spent the past four years rebuilding itself as an integrated payments, lending and merchant-acquiring platform for Southern Africa’s underserved consumers and small businesses.
Mazanderani, a global fintech investor, joined the board in 2020 as Value Capital Partners took a R580 million stake and began overhauling management. He took the reins as executive chairman in February 2024. The filing extends his commitment to mid-2029, which matters more than it might first appear for a company still mid-turnaround.
The structure is unusual, and deliberately so. Mazanderani now works under two separate agreements. The first, with the US parent, extends his original December 2023 contract to June 30, 2029, at an unchanged base salary of $600,000.
The second, brand new, is with the South African operating subsidiary, running from July 1, 2026 to June 30, 2028 (extendable by mutual agreement to 2029), covering his direct oversight of the Consumer, Merchant and Enterprise divisions, at ZAR 5 million a year plus a ZAR 4 million travel allowance.
Splitting the role this way lets Lesaka formally acknowledge what has effectively been true all along: Mazanderani is a part-timer, at just 50% of full-time equivalence as determined by the board.
He remains chairman of the pan-European fintech Teya, has sat on the boards of StoneCo and Network International, and built his career at Actis before turning fintech investor. Rather than pretend otherwise, Lesaka has now written the arrangement into the contract itself — a rare instance of a listed company being explicit that its top executive is dividing his attention, and asking shareholders to judge the arrangement on its results rather than the optics.
Those results are also why the pay structure is notable. Under both agreements, Mazanderani forgoes any short-term cash incentive or bonus for the duration of his term, and the US contract carries no severance provision at all — either side simply needs to give three months’ notice to walk away, barring cause or material breach. In an industry where executive pay packages are routinely front-loaded with bonuses and options, a chairman explicitly opting out of annual incentives is a signal, intentional or not, that his reward is meant to come from the equity he already holds and from Lesaka’s share price, not from short-term targets.
That’s the real relevance for investors.
Lesaka has been guiding toward profitability for its 2026 financial year, and its Nasdaq-listed stock has spent the past twelve months oscillating between roughly $3.60 and $5.50 — hardly a runaway re-rating, but a marked improvement in stability from the Net1 years.
Locking in the architect of the turnaround for another three years, on terms tied more to equity performance than to annual bonus targets, is the board’s way of telling the market that the recovery strategy is not a short-term project. Whether that reassurance is warranted will show up in the numbers Lesaka reports over the next few quarters, not in the contract language itself. But the contract is the clearest signal yet of how long the board expects the rebuild to take, and who it is betting on to see it through.
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