CFO Bongiwe Ntuli bids farewell to TFG after five “wonderful” years


Bongiwe Ntuli has announced that she will be stepping down from the CFO role at TFG in November to spend some time with her family in KZN.

Bongiwe Ntuli has resigned as the CFO of TFG (The Foschini Group) and will be leaving the group at the end of November 2023 after five years in the role.

“I can’t emphasise enough how hard the decision was to leave TFG. While I am very sad, I am proud to leave the business on a high,” Bongiwe says.

“It’s been a wonderful five years and I have learned a lot,” she adds about her time with the retailer. “I came in from a completely different industry and had to learn retail quickly.”

Bongiwe joined TFG as CFO in 2019, and a year later, Covid-19 hit. “Over the past five years, we have experienced unprecedented times, including the pandemic, rights issues, riots, floods and now loadshedding, which have all been very demanding – in every sense of the word.”

She explains that she is proud that, despite all of this, TFG’s clear multi-brand and different geographies strategy has also enabled significant business growth in all areas – organically through market share gains, as well as inorganically through acquisitions. “The strong balance sheet enabled us to grow the business through strategic acquisitions like Jet and Tapestry.”

Read more: CFO Bongiwe Ntuli’s passion for M&A is taking TFG into new markets

CEO Anthony Thunström will take up the additional responsibilities of executive FD from December 2023 until a new CFO has been appointed. At this time, Bongiwe will start her sabbatical.

“I am excited to finally spend quality time with my family in KwaZulu-Natal over the festive season and to start ticking a few things off my bucket list,” she says.

Bongiwe has agreed to remain available to the company for the next 12 months after November. “TFG and its wonderful people will always hold a special place in my heart, and I will be available to support them as communicated.”

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