She convinced the board and proceeds from divesting the non-core assets were used to purchase sole ownership in media company HTML and entertainment many Mega, and a majority share in MET. As Charley had spearheaded johnnies acquisition of a controlling interest in MET, later the company provided eighty percent tocsin’s revenue when she became chairperson of MET. At MET Irene Charley was must to transform the mostly white-led company to be more representative of South Africans demographics.
In addition to chairing Mint’s board, Charley sat on three of the board subcommittees, the Investment and Strategy Subcommittee (SIS the Human Resources and Remuneration Subcommittee (HRS), and the Regulatory Subcommittee MET ad employed only one black executive before Johnnie had acquired the majority share of the company. Now, in 2000, there were five black executives in top management including the managing director for AS operations.
In the case study, the company was currently recruiting a black executive to head up MET International. Bringing in black hires had not been easy-?some had encountered overt racism but, Charley had been pleased to see that, as “hires began to deliver, tensions seemed to relax. ” The governments impatience with South African business was growing and the vast majority of the black population was still normalized from the mainstream economy.
Since her appointment as executive director of telecommunications for Johnnie, Charley had pressed MET to think more strategically about its future growth. She had pushed MET to pay attention to the black market in South Africa, to aggressively expand into foreign markets, and to capitalize on synergies with Johnnie’5 other subsidiaries. In addition, she had insisted that MET diversify its virtually all-white management am. Although progress had been made on all fronts, Charley feared that senior management was too complacent.
This was a high-growth company used to success. But their market was maturing, a third cellular license could he issued any day, and they were still runner-up in market share. They need to speed-up feel urgency. They do not understand the urgency that the regulatory environment calls for in integrating the ranks of professionals and senior management. Now, Charley was considering speeding up the process of lack economic empowerment (BEE) at MET.
The main issue was black people think they are deprived, having low support from white veterans and not sure of long term consistency. On the other hand, white people were feeling that all new opportunity and future growth is for blacks as company is focus is on diversification. The divide, Charley felt, between these two perspectives was very Wide. The task is to somehow honor both Of those viewpoints While keeping MET growing – because, if earnings fall, everyone will be unhappy.
