From September 2022, Theo Mashabane has been appointed as Group CFO Designate for Divercity Urban Property Fund. Divercity’s former Group Financial Manager, Theo is a CA(SA) and a member of The South African Institute of Chartered Accountants. He has extensive experience in various industries both locally and internationally, including the United Kingdom, Ukraine, Poland, Spain and, of course, South Africa. We caught up with Theo and learnt more about his career journey and the things that he is passionate about.
When did you first discover your interest in accounting?
My accounting journey started in high school when I selected it as one of my subjects, which sparked my interest. I attended the University of Johannesburg, where I obtained my undergrad degree in accounting, then decided to challenge myself by serving my training articles while completing my honours degree simultaneously. That was the most challenging and rewarding decision I have ever made.
How has your career path prepared you for your new CFO role at Divercity?
I started my training articles at a medium-sized auditing firm called Tuffias Sandberg in 2015, where I was promoted to Audit Manager in 2018. Seven months into this new role, I was promoted to Senior Audit Manager – a big achievement as normal company practice was to serve as Audit Manager for at least three years first.
Then, I joined the Driveshaft Parts Group in November 2019 where I served as Financial Manager as well as Group Financial Manager overseeing six entities, five of which were foreign entities, two in the UK and one each in Poland, Spain and Ukraine. I joined Servest in October 2020 as a Financial Manager and began acting as a Financial Director from November 2020 to May 2021. Then I joined Divercity as the Group Financial Manager in June 2021, and was subsequently appointed as the Group Chief Financial Officer Designate in September 2022.
Every Chartered Accountant aspires to become a Chief Financial Officer or Financial Director and our entire journey, from articles, is preparation for that road.
Where do your business instincts come from?
Growing up, my aunt owned a residential property rental agency where I worked during school recess to earn some extra money. This sparked my passion for residential properties, and I have acquired five residential properties in my personal capacity since qualifying as a chartered accountant in 2018.
What is your proudest moment while at Divercity so far?
It is implementing a new accounting software called CaseWare, which has allowed the group to draft its own financial statements internally. In doing so, we have empowered the finance staff by adding to their skills and allowing them to take control of the financial statements drafting process.
What is the best piece of advice you’ve ever received?
“You have two seconds to think before replying to anyone, always use those two seconds.” People tend to speak out of turn, especially in emotional or confrontational situations, and taking two seconds to think can avoid that
Tell us a little about who you are when you’re not working:
I’m a big family man who likes to keep active. I hike, work out, play golf and host many family dinners.
What makes your job at Divercity different?
We provide affordable and safe housing to over 6 500 families. I’m very excited about the new and upcoming developments in which I get to play an instrumental part in the decision-making process. Knowing my work and the decisions I make bring joy to over 6 500 families comes with much self-fulfilment.
