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.
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).
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 GHc 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.