DIGICUT has taken a number of positive steps to turnaround its operations including the appointment of new team leader, take steps to access locked up IPO proceeds by end of Q1-2021 and reorganisation of its Board of Directors.
Leadership
A new management team, led by Manish Padhiar (profile below), was brought in January 2021 to replace William Kofi Iden. The team is working on a plan to revamp and restart the company's operations, including resolving all regulatory and listing issues.
Manish Padhiar brings 8+ years of corporate strategy and operations experience in both Ghana and the United States. He most recently served as a strategy consultant with an African business conglomerate, where his projects spanned mobile money, plastics manufacturing, and banking operations. Previous experience also includes consulting for pharmaceutical and biotechnology companies in California and teaching integrated science at an SHS in rural Ghana. Manish holds an MBA and a MS in Foreign Service from Georgetown University (in Washington, DC) and BS in Microbiology, Immunology and Human Genetics from the University of California, Los Angeles (UCLA).
Cash-flow
In January 2021, Digicut secured some external funding to restart basic operations and reconcile its asset base. The company also completed a rebranding project, funds of which should help the company complete the 2019 and 2020 audits and revamp strategic operations to begin the new phase of Digicut.
Over the last few months, significant progress has also been made with the Receiver of GNSL and Consolidated Bank of Ghana (CBG) to regain access to Digicut’s GHS 1.4 million (of the IPO proceeds) placed with GNSL. Management is hopeful of receiving these funds by the end of Q1 2021.
Board of Directors
Digicut’s Board of Directors is currently being reorganized to support the company’s new strategic direction and ensure adequate corporate governance to protect investor funds.
The Board consists of Joseph Kusi-Tieku, John Sterlin, and Victoria Aligboh. The profiles of the Board are detailed below. The company intends to add other directors, including advertising industry veterans in the near future.
Joseph Kusi-Tieku is the Managing Director of GN Reinsurance. He has 30+ years of insurance practice in Ghana, including with the State Insurance Company of Ghana and Metropolitan Insurance (now Hollard). He also worked with Munich Reinsurance’s West African Office for 11 years as Reinsurance Treaty Underwriter and Operational Manager, before joining GN Re as a MD. Mr. Kusi-Tieku holds a BA from the University of Ghana and a Diploma from the West African Insurance Institute, Banjul. He is currently the President of the Institute of Risk Management Professionals Ghana (IRMPG).
John Sterlin is the Projects and Maintenance Manager at Coconut Grove Hotels, since 2008. He has had a breath of professional experience in Ghana and the United Kingdom, including in the marine fishing industry, data analysis, sales and marketing, and social services. He serves on the company boards of FreshPak Products, Bokodo Quarry, and Sterlin Security Services. Mr. Sterlin is a Catholic, involved in community development and politics within the Komenda Edina Eguafo Abrem (KEEA) district in the Central Region. He serves as the Chairman of the Central Region Basketball Association.
Victoria Aligboh is the General Manager of PenTrust, leading the strategic planning, design, governance, and delivery of the company’s pension policies and programs. She has 13+ years of professional experience in the pension fund industry, start up advisory, and consumer marketing research. Ms. Aligboh holds a BS in Marketing (first class honors) and MS in Marketing Social and Organizational Research from Central University. She has an MBA from Cyprus Institute of Marketing. She is a member of the governing council of the Chamber of Corporate Trustees, Ghana.
